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.