Two Shipping Companies will be joining TradeLens
It has been announced that two major shipping companies will join TradeLens, which is a tailor-made blockchain-based shipping platform. Basically, it uses smart contract and blockchain in order to permit associations between various parties, in a transparent and safe environment.
It has been announced that two significant shipping companies will also be adopting blockchain and the use of smart contracts in their day-to-day operations.
Last week, two major shipping agencies have unveiled their decision to start riding the wave and join other large stakeholders in the field in adopting a blockchain-based shipping platform. Leading worldwide shipping group CMA CGM and well-established Swiss-based shipping line Mediterranean Shipping Company S.A (MSC) have revealed that they will be joining the tailor-made blockchain-based shipping platform named TradeLens.
According to the Chief Digital & Information Officer at MSC ‘Digital collaboration is a key to the evolution of the container shipping industry.’
TradeLens - Pioneering Blockchain-Based Digital Shipping
TradeLens is the result of a joint collaboration between A.P. Moller – Maersk and IBM. By bringing together various interested stakeholders to share data in secure ‘blocks’ this innovation is aimed to promote more efficient and secure global trade. Currently, a significant mix of shipping lines, terminal service providers, customs authorities and freight forwarders have adopted this system. In essence, TradeLens uses blockchain and smart contract to enable collaboration between multiple parties, in cross-organisational business and information exchanges, in a secure and transparent environment.
As Bridget van Kralingen, Senior Vice President, Platforms & Blockchain at IBM, rightly stated ‘Together we are advancing a shared aim to modernize the world’s trading ecosystems.’
In a complex and fast-moving ecosystem, saddled with the weight of significant operational costs and comprehensive paperwork, blockchain is steadily finding its way within the shipping industry and with staggering results.
