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Israeli shipping giant ZIM is the latest to join TradeLens, a blockchain-enabled global shipping initiative.
Officially announced in August 2018, TradeLens is a blockchain-based digital shipping solution jointly developed by A.P. Moller–Maersk and IBM to enhance the efficiency and security of global trade. It has recorded more than five million shipments to date.
The TradeLens ecosystem has grown to over 100 member organisations, which includes carriers, freight forwarders, customs authorities, port authorities and others. The members get a single shared view of a transaction without compromising details, privacy or confidentiality. Moreover, real-time access to shipping data and documents enables members to collaborate more efficiently and with greater certainty.
ZIM has been actively exploring blockchain technology. In November 2017, it successfully completed the first pilot of paperless Bills-of-Lading based on blockchain technology with Sparx Logistics and Wave. Earlier this year, ZIM announced that it is moving the initiative to the next phase.
“The addition of ZIM to TradeLens shows exactly why we worked with Maersk to create this solution,” said Daniel Melka, Country General Manager, IBM Israel. “Blockchain networks like TradeLens work best when comprised of a diverse network of participants who work together to affect change for an entire industry, which is what we are seeing happen with TradeLens.”
As a member of TradeLens, ZIM will continue its push toward digitizing its processes to enable efficiencies and cost savings to the company and the customers by enabling greater transparency and more efficient processes. It is expected to begin contributing data to the platform before the end of 3Q 2019.
“We are very pleased to join TradeLens, as part of our vision to be at the forefront of digital innovation in shipping,” Eyal Ben Amram, ZIM CIO. “ZIM endorses a proactive approach of promoting and investing in innovative digital solutions, such as the pioneering blockchain-based electronic Bill of Lading initiative, in collaboration with Wave Inc, and the recent investment in Ladingo, a ground-breaking e-commerce solution.”
