Maersk and IBM indicated that institutions have joined the BLOCKCHAIN TRADING PLATFORM TRADELENS

Reported on August 10, the world's largest container operator, Maersk and IBM said that 94 companies and institutions have joined a joint development area, Blockchain platform, which is designed to increase efficiency and reduce the massive documentation of global container shipping.

The platform, called TradeLens, is designed to manage and track shipping file records by electronic end-to-end supply chain processes. Maersk hopes that they can provide end-to-end solutions for its customers, not just transporting containers from one port to another.

Since the invention of the container in the 1950’s, the shipping industry has been lacking in innovation. It still needs a lot of paperwork in the process of handling and tracking. According to the Maersk, it is estimated that the highest cost of trade paperwork accounts for one-fifth of the actual physical transport costs. Maersk said the platform could speed up transactions and save billions of dollars.



Maersk and IBM believe that the blockchain is an ideal organizational tool for large networks such as the shipping industry, which should gather business relationship with many different partners. The shipping industry transports more than$4 trillion in merchandise annually.
 
Blockchain technology is very popular right now. It is also known as distributed ledger technology. It is an Internet database technology characterized by decentralization and transparency so that everyone can know the details of database records. Virtual currency, Bitcoin, is one of the earliest and most mature applications of blockchain technology.

In January, Vincent Clerc, chief business officer of Maersk Group, said that it can provide a neutral, open digital platform to exchange information in a safe and easy way. Showing enormous potential, all participants in the supply chain will benefit from it.

In a joint statement, Maersk and IBM said that port operators in Singapore, Hong Kong and Rotterdam, customs agencies in the Netherlands, Saudi Arabia, Singapore, Australia and Peru, and container carrier Pacific Shipping (PIL) have joined the platform.

The two companies said that the platform is still in trial operation. And it is expected to be fully commercialized by the end of this year. In January of this year, the two parties announced the formation of a joint venture company to use blockchain technology to organize global trade.

 http://sowoll.com/en/dnewsdetail/874.html

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