IBM And Maersk’s TradeLens Blockchain Shipping Adds Two Giants; Covering Half of The Worlds Ocean Cargo
- TradeLens is working to improve supply chain management with blockchain technology.
- Two new suppliers have been integrated to this evolving ecosystem.
Blockchain technology is a growing industry, which has been primarily due to more companies learning about the advantages that this fintech offers. TradeLens, for instance, was launched in an effort by IBM and Maersk to make the current ecosystems in the supply chain industry more modern. The platform has made it possible to reduce the cost of tracking how goods are moved and traded. Now, a new press release reveals that the platform has been adopted by Hapag-Lloyd and Ocean Network Express to examine blockchain’s use in their work.
These two entities are the fifth and sixth largest carriers in the world. By joining TradeLens, they also join other companies that have gotten involved with them, including CMA CGM and the Mediterranean Shipping Company. Now, with all of these partners involved, TradeLens presently is teamed up with over half of the ocean carrier cargo in the world.
The managing director of information technology at Hapag-Lloyd, Martin Gnass, commented that this type of collaboration will be “critical” to the advancement of the container shipping industry. He added that TradeLens has already shown:
“significant progress in launching a much-needed transformation in the industry, including its partnership model. Now, with five of the world's six largest carriers committed to the platform, not to mention many other ecosystem participants, we can collectively accelerate that transformation to provide greater trust, transparency and collaboration across supply chains and help promote global trade.”
As the customers of TradeLens are given access to so many major carriers, TradeLens hopes that the adoption of the new carriers will ultimately increase adoption. ONE has already established a strong presence in Singapore and the rest of Asia, so this collaboration will help to meet the demands that come with the challenging market in the Asia market.
Noriaki Yamaga, the managing director of corporate and innovation for Ocean Network Express, said,
“We believe this innovative approach based on open standards and open governance can benefit the entire industry while ultimately benefitting our customers who rely on the world’s shipping industry to transport global container volume of more than 120 million TEU across international borders each year.”
Yamaga added that the platform is looking forward to contributing to the platform to help with its progress.