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Maersk, IBM Launch TradeLens Blockchain Shipping Platform

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Danish transport and logistics giant Maersk and IBM announced the launch of TradeLens, a blockchain-enabled shipping solution, aiming to promote more efficient and secure global trade.

In a statement, A.P. Moller -Maersk and IBM noted that TradeLens, jointly developed by them, brings together various parties to support information sharing and transparency.

The companies now have modified the go to market model and will now deliver their solution through an extension of their pre-existing collaboration agreement instead of a joint venture.

The blockchain collaboration between both companies was announced in January. TradeLens uses IBM Blockchain technology as the foundation for digital supply chains. It uses blockchain smart contracts to enable digital collaboration across the multiple parties involved in the international trade.

TradeLens can track critical data about every shipment in a supply chain, and offers an immutable record among all parties involved.

IBM and Maersk also announced that 94 organizations are actively involved or have agreed to participate on the TradeLens platform built on open standards. This includes more than 20 port and terminal operators, and accounts for approximately 234 marine gateways worldwide.

Further, customs authorities in the Netherlands, Saudi Arabia, Singapore, Australia and Peru are participating, along with certain customs brokers. Freight forwarders, transportation and logistics companies are also part of TradeLens.

In the 12-month trial of the solution, the companies worked to find out opportunities to prevent delays due to documentation errors, information delays, and other impediments.

Peter Levesque, CEO of Modern Terminals, said, "This initiative will generate tremendous savings for our industry over time while enhancing global supply chain security."

The TradeLens solution is available through the Early Adopter Program. TradeLens is expected to be fully commercially available by the end of this year.

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