Blockchain Shipping Solution TradeLens Introduced By IBM And Maersk

Announcements, Blockchain, News | August 10, 2018 By:

Tech giant IBM and Denmark-based shipping giant Maersk have developed a new blockchain shipping solution designed to promote more efficient and secure global trade.

Called TradeLens, the solution is the result of a collaboration agreement between Maersk and IBM in January of this year. The solution aims to bring together various parties to support information sharing and transparency, and spur industry-wide innovation.

Built on top of the IBM Blockchain technology, TradeLens will empower multiple trading partners to collaborate by establishing a single shared view of a transaction without compromising details, privacy or confidentiality. Shipping industry players, such as shipping lines, freight forwarders, and port/terminal operators, among others, will be able to interact more efficiently through real-time access to shipping data and shipping documents, including Internet of Things (IoT) and sensor data ranging from temperature control to container weight.

“We believe blockchain can play an important role in digitizing global shipping, an area of the global economy that moves four trillion dollars of goods every year,” said Bridget van Kralingen, senior vice president, IBM Global Industries, Solutions and Blockchain. “However, success with the technology rests on a single factor –bringing the entire ecosystem together around a common approach that benefits all participants equally. Our work with Maersk and other enterprises in the shipping ecosystem has shown that blockchain can be used to form a strong, connected network in which all members gain by sharing important data and that together we can transform a vital part of how global trade is conducted.”

TradeLens is utilizing smart contracts to enable digital collaboration across the multiple parties involved in international trade. Released under a beta program and called ClearWay, the trade document module enables importers/exporters, customs brokers, trusted third parties such as customs, other government agencies, and NGOs to collaborate in cross-organizational business processes and information exchanges, all backed by a secure, non-repudiable audit trail.

IBM and Maersk also announced that 94 organizations are actively involved or have agreed to participate on the platform as part of the TradeLens early adopter program. The TradeLens ecosystem currently includes more than 20 port and terminal operators across the globe, which account for approximately 234 marine gateways worldwide. Customs authorities in the Netherlands, Saudi Arabia, Singapore, Australia and Peru, and a number of freight forwarders, transportation and logistics companies are also participating in the early adopter program.

“TradeLens uses blockchain technology to create an industry standard for the secure digitization and transmission of supply chain documents around the world,” said Peter Levesque, CEO of Modern Terminals. “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.”

“As a global logistics provider, CEVA sees a unique opportunity in TradeLens, joining forces with IBM, Maersk and other actors from our industry to promote global standards around an open and neutral solution, delivering on the promise of blockchain,” said Christophe Cachat, CIO of CEVA Logistics. “It is an important step in our relentless journey to deliver increased value to all our customers and making business flow.”