Spain’s Port Of Algeciras Joins IBM-Maersk Blockchain Shipping Platform

Announcements, Blockchain | January 22, 2019 By:

Spain’s Port Authority of the Bay of Algeciras (APBA) has announced that it will be participating in the trial of TradeLens, a blockchain-enabled global shipping solution jointly developed by Maersk and IBM.

The Port of Algeciras is the port and harbour of Algeciras, a city located in the province of Cádiz in the autonomous community of Andalusia, Spain. It is one of the top 10 busiest ports in Europe, hosting over 70 million tons of cargo traffic annually. The port totals over 10 kilometers of quays in different basins, which manage all types of passenger and freight traffic.

Launched last year, TradeLens is a global trade platform built on IBM blockchain that is designed to reduce the cost of global shipping, improve visibility across supply chains and eliminate inefficiencies stemming from paper-based processes. The TradeLens ecosystem currently includes more than 20 port and terminal operators, representing about 234 marine gateways or seaports on five continents. The platform has reportedly registered 230 million shipments and processed more than 20 million containers.

APBA said that the TradeLens platform will allow a more secure and efficient exchange of information and documentation, fostering collaboration and greater trust among the parties involved throughout the global supply chain. It added that the platform will generate value for shippers, freight forwarders, logistics operators and shipping companies

According to IBM, by digitizing supply chains, trading partners can collaborate seamlessly through a unified, shared view of transaction data secured by “state-of-the-art” encryption. Data on the network is confidential and each participant in TradeLens owns its data even after it resides on the blockchain, meaning they are the only ones that can grant access for others to see it.

Some of the world’s top container lines and terminal operators have been increasingly exploring blockchain technology for the global trade ecosystem. In November 2018, ocean carriers CMA CGM, Cosco, Evergreen Marine, OOCL and Yang Ming, as well as terminal operators DP World, Hutchison Ports, PSA International and Shanghai International Port, formed a consortium, called the Global Shipping Business Network (GSBN), to develop a new blockchain-based platform. The ultimate aim of the consotium is to “facilitate the seamless sharing of documents and data across all stages of the shipping lifecycle.”