Plus   Neg

Russia To Pilot Maersk-IBM Blockchain Platform TradeLens In St. Petersburg Area

tradelens 061719 lt

Russian authorities have agreed to join the blockchain-enabled digital shipping platform TradeLens. The solution is jointly developed by Danish transport and logistics giant Maersk and IBM by applying blockchain to the world's global supply chain.

A Memorandum of Understanding was signed between Maersk and Russian Ministry of Transport to enable the official launch of the TradeLens platform in the Russian market, replacing what is now mostly paper-based transportation processes.

As part of the MoU, Russian authorities will begin with a pilot in the St. Petersburg area, with the Port of St. Petersburg, Russia's main container gateway, joining the TradeLens' ecosystem to facilitate improved international trade by digitizing the container documentation flows in the global supply chain.

The Russian authorities expect the platform to increase the transparency of the contracting procedure, with shared data available on blockchain about supply and demand, conditions and operations between many participants of the transport and logistics processes.

The blockchain-powered platform will help increase the speed of cargo clearance and movement of goods across borders by facilitating interaction between shippers and various regulatory and administrative bodies in the country on one platform.

The platform will enable seamless, secure sharing of real-time actionable supply chain information to all involved participants, while creating a transparent, secured, immutable record of all transactions to bring full transparency of cargo transportation process.

More than 100 diverse organizations worldwide are involved in the TradeLens platform, which was launched in August last year, just six months after the blockchain collaboration between IBM and Maersk was announced in January 2018.

The TradeLens ecosystem includes global shippers, shipping lines, third-party logistics providers, freight forwarders, customs authorities and border agencies. It also includes more than 20 port and terminal operators, representing about 234 marine gateways or seaports on five continents.

According to the data collected by the system, the use of TradeLens allows to reduce the transit time of a shipment by 40 percent, which represents thousands of dollars in cost saving. TradeLens is already processing over ten million discrete shipping events and thousands of documents each week.

With the recent addition of two of the world's top five shipping carriers, Switzerland's Mediterranean Shipping Co. or MSC and France's CMA-CGM, the TradeLens platform will have data for nearly half of the world's ocean container cargo on the blockchain network. It will help enhance transparency and efficiency for global shipping.

For comments and feedback contact: editorial@rttnews.com

Business News

Follow RTT