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The Port Authority of the Bay of Algeciras (APBA) has signed an agreement with IBM to collaborate on TradeLens – a blockchain solution jointly developed by Maersk and IBM, Europa Press reported.
Officially announced in August 2018, TradeLens has been designed to enhance the efficiency and security of global trade. It aims to digitize the shipping industry and facilitate secure and seamless sharing of information and trade documents among various stakeholders.
In the past couple of months, TradeLens has grown to over 100 member organisations, which includes over 60 network members including four ocean carriers, three inland carriers, 40 worldwide ports and terminals, and eight customs authorities spanning the globe.
In an online post dated December 11, 2018, the team behind TradeLens announced that the commercial availability of the offering. The TradeLens offering currently includes document sharing and blockchain-based data storage with separate channels for major ocean carriers.
“Through the open API, TradeLens supports both structured documents, such as electronic bills of lading and unstructured documents such as scanned packing lists. This means no matter how complex a transaction, TradeLens is able to handle and manage workloads using blockchain,” it said.
According to the TradeLens website, the solution has captured more than 290 million shipping events so far and counting.
The APBA manages the ports of Algeciras Bay and Tarifa. It is a public organization that belongs to the Department of Public Works & Transport.
