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Top Shipping Carriers To Join Blockchain-Platform TradeLens

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Two of the world's top six shipping carriers, Germany's Hapag-Lloyd and Japan's Ocean Network Express (ONE), are set to join the blockchain-enabled shipping platform TradeLens. The solution is jointly developed by Danish transport and logistics giant Maersk and IBM.

The platform will now have data for more than half of the world's ocean container cargo on the blockchain network with the addition of Hapag-Lloyd and ONE, having five of the top six shipping carriers, including Maersk itself, on the network.

TradeLens helps multiple trading partners to collaborate by establishing a single shared view of a transaction without compromising privacy and confidentiality of the data. Real-time access to shipping data and shipping documents is made possible through this platform.

On the TradeLens blockchain network, Hapag-Lloyd and ONE will operate a blockchain node, participate in consensus to validate transactions, host data, and act as Trust Anchors, or validators, for the network.

The two shippers will also be represented on the TradeLens Advisory Board, which will include members across the supply chain to advice on standards for neutrality and openness.

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.

TradeLens claims to help reduce the transit time of a shipment by 40 percent, and cut costs.

Earlier, Switzerland's Mediterranean Shipping Co. or MSC and France's CMA-CGM had joined the network.

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