The second largest shipping container terminal in Hong Kong, Modern Terminals, has joined TradeLens, a blockchain project by IBM and Maersk.
TradeLens is a blockchain initiative by the technology and shipping giant to shift record keeping and other documentation on decentralized ledger technology. Through this, it intends to deliver increased efficiency at lower costs. The platform has already attracted around 20 operators and other terminals worldwide. This includes more than 230 docks, including major hubs such as PSA Singapore, Port of Bilbao, PortConnect and Port of Philadelphia.
“It does not seem like much, but it is,” said Peter Levesque, the Managing Director of the Modern Terminals Group. Traditionally, ports rely on manual documentation system that is vulnerable at different levels, including documentation forging and manipulation. This leads to losses and time delays. Even a simple unintentional action such as wrong filing can lead to delays that can result in thousands of dollars in losses.
Levesque further added, “Without blockchain, you’re going on faith that what’s on the document is what’s in the container.”
TradeLens claims that it can reduce shipment time by up to 40%. The time saving alone means significant economic savings.
“The potential from offering a neutral, open digital platform for safe and easy ways of exchanging information is huge, and all players across the supply chain stand to benefit,” stated Maersk Chief Commercial Officer Vincent Clerc back in January.
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