• Tue, 25 Jun 2019, 04:13 PM
  • All times are UTC
  • Edition:
Copy link
Increase text size
Decrease text size
Link copied

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.

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
  • Bitcoin (BTC) $11,378.70 (+3.73%)
  • Ethereum (ETH) $311.92 (+0.63%)
  • XRP (XRP) $0.464200 (+0.33%)
  • Bitcoin Cash (BCH) $474.59 (+0.52%)
  • Litecoin (LTC) $133.34 (-1.47%)
  • Bitcoin (BTC) $11,378.70 (+3.73%)
Jun 21, 2019 (Friday)
Crypto Technicals: BCH/USD tracks Bitcoin higher, spikes over 7% to hit 2-week highs, bias bullish
NEM launches NEM Studios to spearhead development of blockchain engine ‘Catapult’
US wants Swedish crypto scammer extradited, sentenced for fraud
IOTA, Primority to develop smartphone app to track potentially fatal food allergens using blockchain
Crypto Technicals: ETH/USD tests 288 (2019 high), momentum with the bulls
Reserve Bank of Australia highly skeptical of cryptocurrency adoption
Facebook's digital wallet Calibra may not be available in India: Report
Energy sector gets its own enterprise-grade blockchain network
Wanxiang, PlatON collaborate to build blockchain-powered smart city in China
Paxful-The White Company partnership enables converting bitcoin into prepaid cards
Crypto Technicals: Bitcoin continues grind higher, edges closer to the crucial $10,000 mark
Samsung betting on blockchain with new priorities and solutions
Thales and MGI enter blockchain partnership for safer, more efficient cargo shipping
LINE's crypto exchange BITBOX adopts Chainalysis AML compliance solution
Major cryptocurrency exchange KuCoin lists rival Binance Coin, supports Binance Chain projects
MetLife’s LumenLab pioneers blockchain initiative to automate life insurance claims
Social currency startup Roll raises $1.7M to bring monetization opportunities for content creators
Jun 20, 2019 (Thursday)
Video streaming service YouNow files with SEC to distribute Props token
Crypto Technicals: IOTA exhibits signs of near-term bearishness, close below 21-EMA confirms weakness
Crypto Technicals: Monero hits new 7-month highs above 108 handle, close above 55W EMA to see bullish continuation
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.