GLOBAL container carriers CMA CGM and Mediterranean Shipping Company will join TradeLens, a blockchain-enabled digital shipping platform, jointly developed by A.P.Moller-Maersk and IBM.
With CMA CGM, MSC, Maersk, and other carriers committed to the platform, data for nearly half of the world’s ocean container cargo will be available on TradeLens.
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 companies will also be on the TradeLens advisory board, which includes members across the supply chain to advise on standards for neutrality and openness.
TradeLens enables participants to connect, share information and collaborate across the shipping supply chain ecosystem. Members gain a comprehensive view of their data and can digitally collaborate as cargo moves around the world, helping create a transparent, secured, immutable record of transactions.
With more than 100 participants on the platform today, TradeLens is already processing more than ten million discrete shipping events and thousands of documents each week. It provides shippers, carriers, freight forwarders, customs officials, port authorities, inland transportation providers, and others a common view of transactions.
“The major advances IBM continues to make in blockchain illustrate that the technology is fostering new business models and playing an important role in how the world works,” Bridget van Kralingen, senior vice president, global industries, clients, platforms and blockchain, IBM, said.
“While carrier participation is critical, it is important to note that the TradeLens platform relies on participation from across the entire supply chain ecosystem,” Vincent Clerc, chief commercial officer at Maersk, said.
“Increasing ease of doing business for our customers and providing visibility across the container journey is at the center of the Maersk strategy. And TradeLens is all about that in its aim to transform the supply chain industry and provide value to all players, from freight forwarders, to ports and terminal operators and inland transportation providers, to customs and other governmental agencies, and ultimately to the customers themselves.”