logo

Blockchain platform TradeLens to be deployed by leading shipping companies

Blockchain platform TradeLens to be deployed by leading shipping companies

Latest reports claim that the world’s major ocean shippers, Mediterranean Shipping Co (MSC) and the CMA CGM the have joined TradeLens, a blockchain platform established by Maersk and IBM. These shipping companies are the world’s second and fourth largest shipping firms, respectively.

Executive Vice President of Maersk Vincent Clerc stated that joining TradeLens by MSC and CMA would prove to be is a turning point in the shipping industry. He further stated that about twenty percent of the cost of shipping a container comes from the paperwork. As there is tons of paperwork in the shipping industry that is ought to be done and still, the clients could not track where their goods exactly are.

Reports suggest that TradeLens plans to cut back the paperwork and the cost associated with the process. As both the major shipping companies joined the blockchain platform; almost half of the world’s ocean freight data will be accessible on TradeLens and could be tracked by using distributed ledger technology (DLT).

In August 2018, along with 100 global organizations; TradeLens, a blockchain shipping platform, was launched by Maersk and IBM. The platform tends to promote efficient and secure exchange of information in order to develop better cooperation across worldwide supply chains.

Furthermore, the World Economic Forum collaborated with more than a hundred International supply chains and freight managing companies to regulate blockchain applications in the industry. The project comprises of around twenty governments, including key shippers and supply chain suppliers.

Ahmad Asghar

Ahmad Asghar

A first generation gamer at heart and tech buff by nature, have been involved in the tech sector for better part of a decade. With that insight and knowledge, he now covers blockchain, cryptocurrency and everything fintech so others can make sense of the industry.

Related News

Hot Stories

NFT collaterals soar on BendDAO: Is the NFT market about to collapse?
New Coins Coming to BitMart: Top Picks from Projects
Jordan Forex Expo & Awards (JFEX) is coming again for the 21st time!
Dubai’s top Crypto Event of the year – “Crypto Fest 2022”, is happening on 19th & 20th October 2022
Best Twitter thread of the day - August 18th

Follow Us

Industry News

Best Twitter thread of the day - August 18th
Top tweets of the day - August 18th
Redditor create a bot for crypto price predictions
Korean police set to accept crypto for traffic fines after 88% program success
How to bridge to Dogechain?