Prior to digitalization, the international shipping industry’s information systems had used paper for legal documents, and electronic data was transmitted via electronic data interchange (EDI) – a 60-year-old technology that doesn’t represent real-time data information.
To address this issue, blockchain is here to revolutionize the supply chain management. Integrating blockchain into supply chain doesn’t need to be complex now.
TradeLens platform is a production version of an electronic ledger for tracking global shipments, which were jointly developed by IBM and Maersk. It can track critical data about every shipment in a supply chain, and it offers an immutable record among all parties involved.
Container terminal operator Modern Terminals is participating in the trial of TradeLens.
The Modern Terminals’ Managing Director Peter Levesque said,
“TradeLens uses blockchain to create an industry standard for the secure digitization and transmission of supply chain documents around the world. This initiative will generate tremendous savings for our industry over time while enhancing global supply chain security. Modern Terminals is pleased to participate as a Network Member in testing this exciting shipping industry innovation.”
This initiative will generate tremendous savings for shipping industry over time while enhancing global supply chain security.
“We’ve only begun to scratch the surface on what we can use blockchain technology for in the transportation and logistics industry. Tackling the opportunity for improving the transmission of documents around the world is a great beginning. The next decade of development will be exciting to watch.”
TradeLens is expected to be fully commercially available by the end of the year.
Link to the original article can be found here.
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