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Shipping Carriers MSC, CMA-CGM To Join Maersk-IBM Blockchain Platform TradeLens

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Two of the major shipping carriers, Switzerland's Mediterranean Shipping Co. or MSC and France's CMA-CGM, are set 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.

The platform will have data for nearly half of the world's ocean container cargo on the blockchain network with the addition of MSC and CMA-CGM, two of the top five shipping carriers. It will help enhance transparency and efficiency for global shipping.

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, CMA CGM and MSC will operate a blockchain node, participate in consensus to validate transactions, host data, and assume the critical role of acting as Trust Anchors, or validators, for the network.

The two shippers will also promote TradeLens and create complementary services on top of the platform for their customers and partners.

MSC and CMA-CGM are among more than 100 diverse organizations worldwide 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.

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