TradeLens is a technological solution that allows the blockchain to be applied to the global supply chain.
Valenciaport has joined the project as “Early Adopters”, being one of the first ports in the world to adopt the advances derived from this platform.
Valenciaport has joined the TradeLens project, a technology solution developed by IBM and Maersk, to apply the blockchain to the global supply chain. Valenciaport has been integrated as “Early Adopters”, a category for which the parties are considered of mutual interest because the technologies they develop consider Valenciaport as a collaborator from the beginning.
The TradeLens ecosystem now includes more than 20 port and terminal operators around the world, representing approximately 234 seaports across five continents, including Singapore PSA, ICTSI, Patrick Terminals, Modern Terminals in Hong Kong, Port of Halifax, Port of Rotterdam, Port of Bilbao, PortConnect, PortBase and Holt Logistics terminal operators in the Port of Philadelphia. According to the data collected by the same system, the use of TradeLens allows to reduce the transit time of a shipment by 40%, which is an important economic saving.
Starting with the IBM Blockchain technology, the TradeLens solution allows multiple business partners to collaborate by creating a single shared view of a transaction while respecting the privacy and confidentiality of the data. This technology allows to increase the efficiency of the logistic chain since all the agents involved (shippers, shipping companies, freight forwarders, terminals, carriers and customs) can access in real time the documents of sending of data as well as data of sensors that include from of the temperature control in a refrigerator container until the weight of the container.
Using intelligent blockchain contracts, TradeLens allows digital collaboration between the multiple parties involved in international trade. The commercial document module, launched under a beta program and called ClearWay, allows importers / exporters, customs agents, customs authorities, other government agencies and NGOs to collaborate on business processes and exchange of information between organizations, all supported by a secure audit trail.
Through better visibility and more efficient media, some supply chain stakeholders estimate that they could reduce the steps to answer basic operational questions such as knowing the location of a container due to a lower interaction of people. The platform has already processed 154 million data shipment events, including ship registration time, shipment of containers and customs documentation such as bill shipment and commercial invoices.
The developers of TradeLens have indicated that the information contained in this system grows at the rate of one million daily data shipments, exceeding commonly used EDI systems, as well as avoiding the use of emails, services of messaging and fax.
