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Mediterranean Shipping Co. (MSC) and CMA CGM, two of the biggest container shipping firms in the world, are set to join TradeLens, the blockchain-based digital shipping platform developed by Maersk and IBM.
With CMA CGM and MSC onboard, nearly half of the world’s cargo shipped by sea will be tracked using TradeLens, according to Maersk’s press release.
“We believe that TradeLens, with its commitment to open standards and open governance, is a key platform to help usher in this digital transformation,” Rajesh Krishnamurthy, CMA CGM Group Executive Vice President, IT & Transformations, said. “TradeLens’ network is already showing that participants from across the supply chain ecosystem can derive significant value.”
TradeLens allows customers, shipping lines, freight forwarders, port authorities, and customs authorities to connect, manage, and track cargos/containers by ditching the traditional paper-based process and digitizing the shipping supply chain ecosystem. It aims to promote an efficient, transparent, and secure exchange of communication among various stakeholders.
“Digital collaboration is key to the evolution of the container shipping industry. The TradeLens platform has enormous potential to spur the industry to digitize the supply chain and build collaboration around common standards,” André Simha, Chief Digital and Information Officer of MSC, said.
Currently, the blockchain platform is serving more than 100 participants including Procter and Gamble and processes over 10 million discrete shipping events and thousands of documents each week.
“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, IBM Senior Vice President, Global Industries, Clients, Platforms, and Blockchain, said.
Maersk revealed both CMA CGM and MSC will play active roles in the TradeLens Network as they will be members of the platform’s advisory board. They will also manage a blockchain node, join in consensus to confirm transactions, and host data.
Meanwhile, Vinturas, a consortium of Europe’s leading automotive logistics service providers, revealed it will launch a blockchain-based digital platform to offer automotive end-to-end supply chain visibility. The move aims to address various cross-border process issues by digitalizing all supply chain aspects, from the factory to dealer.
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