IBM and Maersk launch trading platform TradeLens

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Joint efforts to launch the beta version behind and at this stage, the platform handles about 154 million shipping orders per day.

IBM and Maersk have stated that their shipping logistics platform built on the blockchain, involves the joint action of 94 corporations, operators, ports, customs, banks and shipping firms that use or plan to use this system.

The project is to expedite Maritime transport

Last year both companies announced the creation of a blockchain project TradeLens aimed at improving the efficiency of shipping and supply chain. According to preliminary data, the platform will be available to complete the work by the end of this year, and at this stage TradeLens gaining scale. The platform processes data 154 million marine applications, 25 marine terminals, 11 million of container traffic and 5 million shipments.

In addition, more than 20 ports are used TradeLens in different parts of the world. Blockchain technology provides the exchange of confidential contracts, customs and other data in real-time. Maersk and IBM have added the modules of trade documents.

The company said that 12 months using the beta version helped to reduce the problems with workflow and speed up the transit time of movement of goods.

Maria Wieck, General Manager IBM Blockchain, noted that the main advantage of TradeLens became a 40% reduction in delivery time.

According to testing, the EDI was not enough to process orders, documents, and data delivery thus, to maintain a high level of privacy and control.

The original target has opened new opportunities and solutions

TradeLens the original goal was to eliminate paper documents, but IBM and Maersk on the test stage had to, and track paper and digital documents at the same time. Paper documents were added to the system, depending on the readiness of partners.

Land and sea transport have different standards of registration documents, where the transfer, maintenance and calculation of the distances for logistics firms, therefore there was a need to develop common standards. Now TradeLens works with companies on standardization, such as openshipping.org to bring APIs to the norms of standardization in the transport process.

TradeLens will be delivered as a cloud service, based on the role each individual company in the ecosystem of transportation.

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Label: IBM, Maersk TradeLens

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