Spanish news outlet Europa Press reported yesterday that the Port Authority of the Bay of Algeciras (APBA) has signed an agreement to join the TradeLens platform, a blockchain-based logistics solution developed by multinational information technology company IBM and Danish business conglomerate Maersk.
The platform, launched in early 2018, was designed to digitize the global supply chain in order to provide transparency and foster a more secure and efficient exchange of information along the system using blockchain technology.
The system essentially stores data from different logistics operations and allows real-time management throughout the value chain to include shippers, freight forwarders, logistics operators, shipping companies, public administrations, and organizations.
The project has grown to accommodate over 100 organizations and has recorded over 230 million shipments consisting of over 20 million containers.
Algeciras is reportedly one of the busiest ports in Europe located in the south of Spain. It records one of the highest turnovers in the categories: container, cargo, and transshipment, having to host over 70 million tons of traffic annually.
Algeciras’ port is one of many other ports to include PSA Singapore, Port of Bilbao, PortConnect and Port of Philadelphia, joining the fourth industrial era of blockchain-based systems.
Hong Kong’s second-largest shipping container terminal Modern Terminals had also joined the TradeLens platform in November last year.
Last month, the Ministry of Science, ICT and Future Planning (MSIP) in South Korea announced that it would collaborate with the Ministry of Oceans and Fisheries (MOF) on a newly launched blockchain pilot to be trialed in one of the country’s largest shipping port in Busan – the second largest port of transit in the world and the fifth busiest in the world.
The blockchain is becoming a rather convenient approach for many logistics-based businesses to efficiently streamline processes, especially in the areas of freight management, supply chain monitoring and data security in ports.
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