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Russian Ministry of Transport signs MoU to launch IBM-Maersk blockchain shipping solution TradeLens

Image by WikimediaImages from Pixabay

Mon, 10 Jun 2019, 11:37 am UTC

The Russian Ministry of Transport has signed a Memorandum of Understanding (MoU) with A.P. Moller – Maersk for the launch of blockchain shipping solution TradeLens in Russia.

Jointly developed by IBM and Maersk, TradeLens is a blockchain-based digital shipping solution that aims to enhance the efficiency and security of global trade. It enables participants to connect, share information and collaborate across the container logistics supply chain ecosystem.

The platform is reportedly processing more than 10 million discrete shipping events and thousands of documents each week. It provides various stakeholders – shippers, carriers, freight forwarders, customs officials, port authorities, inland transportation providers, and others – a common view of transactions and enables them to collaborate digitally.

According to the MoU, which was signed on June 05, the platform will be initially piloted in St. Petersburg. The Port of St. Petersburg, Russia’s main container gateway, is the latest to join TradeLens’ growing ecosystem of more than 100 participants.

“With the St. Petersburg launch, TradeLens gains significant presence in Russia. The platform aims to significantly facilitate the interaction between shippers and various regulatory and administrative bodies in the country, ultimately increasing the speed of cargo clearance and movement of goods across borders,” Maersk said.

With the launch of TradeLens in Russia, the ministry aims to replace the existing paper-based transportation processes with digital documentation.

“The main result of the implementation of TradeLens, according to our expectations, should be an increase in the transparency of the Contracting procedure by distributing information about supply and demand, conditions and operations between many participants of the transport and logistics processes” Yuriy Tsvetkov, Deputy Transport Minister and Head of Federal Maritime and River Transport Agency, said.

The announcement follows the addition of Mediterranean Shipping Co. (MSC) and CMA CGM – two of the biggest container shipping firms in the world – to the TradeLens ecosystem. Maersk said that more carriers will be joining the platform soon, which would see data for nearly half of the world’s ocean container cargo available on TradeLens.

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