The TradeLens platform jointly built by A.P. Moller-Maersk and tech behemoth IBM is targeted at making shipping documentation a lot more cost effective and time efficient.
According to Maersk, the maximum cost of the required documentation to process and administer many of the goods shipped each year makes up roughly one-fifth of the physical transportation costs.
Meanwhile, the addition of the two new companies, adds up to our earlier report regarding the world’s second and fourth largest container shipping companies, the Mediterranean Shipping Co (MSC) and CMA CGM respectively, joining TradeLens.
Commenting on the latest collaboration, Martin Gnass, managing director of information technology at Hapag-Lloyd said:
“Now, with five of the world’s six largest carriers committed to the platform, we can accelerate that transformation to provide greater trust, transparency, and collaboration across supply chains and help promote global trade.”
In a bid to calm the fears of interested but reluctant companies, the platform promises to grant entry only to trusted participants who are willing to add value by contributing useful information to a common electronic ledger.
Per the development, the platform allows clients on Ocean carriers to share information as cargo moves through maritime targeted supply channels. However, the success of TradeLens is largely dependent on increased participation across the supply channel.
In another report regarding blockchain adoption, Coinfomania noted earlier in the day, that leading beverage company, Nestlé will now use the distributed ledger technology to track the movement of milk along the supply chain.
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