What’s Going On?
IBM and Maersk announced 94 industry players are onboard for the companies’ new open-standards platform TradeLens.
Why Does It Matter?
The TradeLens ecosystem includes more than 20 port and terminal operators across the globe, including PSA Singapore, International Container Terminal Services Inc, Patrick Terminals, Modern Terminals in Hong Kong, Port of Halifax, Port of Rotterdam, Port of Bilbao, PortConnect, PortBase, and terminal operators Holt Logistics at the Port of Philadelphia.
The ecosystem companies account for more than 20 percent of the global supply chain market share, reported Forbes, serving 235 marine gateways around the world.
Where’s The Money Coming From?
No banks are a part of the project at this stage, reported Global Trade Review. Financial institutions are on the roadmap, said Marvin Erdly, Global Trade Digitisation Leader at IBM Blockchain. He said the project will start working with financial institutions next year.
“TradeLens uses blockchain technology to create an industry standard for the secure digitisation and transmission of supply chain documents around the world,” said Peter Levesque, CEO of Modern Terminals, which is taking part in the project. “This initiative will generate tremendous savings for our industry over time while enhancing global supply chain security.”
Bridget van Kralingen, Senior Vice President, IBM Global Industries, Solutions and Blockchain said: ”We believe blockchain can play an important role in digitising global shipping, an area of the global economy that moves four trillion dollars of goods every year. However, success with the technology rests on a single factor – bringing the entire ecosystem together around a common approach that benefits all participants equally.”