IBM and Maersk are working on a joint blockchain project TradeLens.
TradeLens is a digital trading solution for the global transportation ecosystem. The potential partners can use it for cooperation and general management of transactions without affecting privacy.
The founders stated that 94 organizations expressed interest in joining the open-standard platform. In particular, TradeLeans are applied to the terminals of PSA Singapore, International Container Terminal Services Inc, Patrick Terminals, Modern Terminals, Port of Halifax, Port of Rotterdam, Port of Bilbao, PortConnect, PortBase and Holt Logistics.
According to the available data, the project is based on IBM blockchain technology. It is aimed at facilitating the cooperation among shippers, ports, terminals, freight forwarders and customs bodies providing real-time access to the documents (IoT and technical specifications of the cargo). Customs authorities of different countris, including Saudi Arabia, Singapore, the Netherlands are taking part in the project testing.
"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," noted representative of Modern Terminals.