Two major shipping companies have switched to the blockchain TradeLens

Posted 29 May, 2019

Two large sea freight carriers have joined the TradeLens blockchain network developed by IBM and Maersk: Mediterranean Shipping Company (MSC), the second largest in the world after Maersk, and CMA-CGM, the fourth in terms of capacity.
MSC and CMA-CGM have joined other carriers - Pacific International Lines (PIL), Zim Integrated Shipping Services and a subsidiary of Maersk - Hamburg Süd. Together, these carriers carry almost half of the world's container shipping.

As it was reported, at the first stage of operation, the TradeLens platform had certain difficulties with attracting competing carriers, as the latter was worried about the fact that intellectual property was owned by IBM and Maersk.
Over time, these fears dissipated, and for this, the founding companies did not have to share their rights to the platform.

“IBM and Maersk continue to be the sole owner of the TradeLens platform. There are many parties, often competitors who want to co-exist. Both CMA CGM and MSC are committed to the commitment to open governance.” - stated a representative of IBM.

TradeLens blockchain platform will reduce paperwork related to logistics processes, as well as reduce costs.

Rajesh Krishnamurthy, vice president of the CMA CGM Group, said: 

"We believe that TradeLens, with its commitment to open standards and open governance, is a key platform to help usher in this digital transformation.”

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