According to a press release by PRNewswire earlier today, IBM and Maersk have launched a blockchain-shipping solution named ‘Tradelens.’
The press release reported that 234 marine gateways are already participating on the platform. The press release also stated that key industry players support TradeLens. The key players include the terminal operators at the Port of Philadelphia, Kotahi PLH Trucking Company, and Worldwide Alliance.
The announcement made on the press release states that Tradelens makes the blockchain solution available for the global shipping industry. The Fabric solution makes it easy for logistics companies to keep a trail of all the shipping containers across various sectors of the globe.
John Monarch, CEO at ship chain said that the sector employs 1.7 million people across 194,000 companies across the globe. According to him, Container ships are among the most common source of income to the economy and the implementation of the blockchain technology will help the shipping industry to save billions of dollars.
“Shipping is profitable, but the periodic capacity can derive companies from making a profit. However, we believe that blockchain can revolutionize the global shipping industry” – Bridget van Kralingen, senior vice president.
The current shipping industry consists of a sequence of shipping handovers. The shipping handovers make it almost impossible to track the owner of a package. The existing courier service employs an imperfect means to track packages along with their route.
With the power of the blockchain technology, TradeLens enables a digital arrangement between multiple international trading partners. Trade lens also uses IBM blockchain technology to empower multiple trading partners.
“The blockchain enabled company allows multiple trading partners to transact without compromising their personal details” – Van Kranlingen.
Maersk and IBM say that they are working with many blockchain partners to identify the problems caused by information delay in the logistics industry. They also claim that more than 154 million shipping transactions have been captured on the platform. During the early Tradelens adopter’s program, Maersk and IBM stated that 94 organizations are already active on the platform.
“Due to the huge growth in the logistics company, we see a unique opportunity in TradeLens. We believe that Tradelens will promote a global standard around a neutral system on the blockchain technology” – CIO of CEVA logistics.
TradeLens was initially slated to be released in Dec 2017. The platform is only open to early adopters, so it is expected to begin full operations by the end of 2018.