IBM Blockchain-Powered TradeLens Trading Platform Welcomes Ocean Carriers CMA CGM, MSC
Major Ocean Carries CMA CGM and MSC, to Join the Blockchain-Powered TradeLens Trading Platform
Major container carriers CMA CGM and MSC Mediterranean Shipping Company recently announced they are going to join TradeLens, a blockchain-powered platform for digital shipping that was developed by Maersk and IBM. With major ocean carriers like Maersk, CMA CGM, MSC, and other carriers committing to be part of the platforms, data of nearly half of all ocean cargo will be accessed via TradeLens.
The addition of CMA CGM and MSC is going to be a major enhancement to this platform. It will help to boost trust, transparency, and collaboration in the supply chain used in global trade. These companies will promote TradeLens while creating complementary services on top of the platform for their partners and customers.
Massive Amounts of Data
The CMA CGM Group has a firm belief that digitization is at the core of its strategy to provide solutions tailored to the needs of their customers. As such, they believe TradeLens with its commitment to transparency and governance will help with their digital transformation.
MSC also holds the same sentiments. They believe that digital collaboration is important in the evolution of the container-shipping sector. As such, they have a firm belief that TradeLens has the potential to take the industry into the digital era and digitize the supply chain. Besides that, they believe it will establish collaboration by creating common standards.
How TradeLens is designed to Work
The TradeLens platform makes it possible for participants to connect and share information and work together in the supply chain ecosystem of the shipping world. Members will gain a comprehensive view of the data they have and they can work together as cargo is shipped globally. It will help to create a secure, transparent, and immutable record of each transaction.
The inherent attributes of the blockchain are well-suited to large networks of partners. The blockchain makes it possible to create an immutable record of each transaction that occurs inside the network. It also makes it possible for permission parties to gain real-time entry to data.
With over 100 companies taking part in this ecosystem, TradeLens is processing more than 10 million shipping event and thousands of documents weekly. It offers shippers, freight forwarders, carriers, customs officials, inland transportation provider, port authorities, and everyone else a common view of the transactions, helping to build trust. With its commitment to maintaining rights to data ownership and permissioned data access, it will ensure privacy while making it possible for users to work together in an efficient manner.
What IBM Had to Say
The Senior VP for the IBM blockchain division said that the advances IBM was making in the blockchain world showed the tech could help foster new models of business. As a result, it could play a crucial role in how the world operates. He added that together, they were working to modernize the trading ecosystems of the world.
Cargo Owners will Also Benefit
Cargo owners such as P&G will also benefit. They ship a huge amount of ocean containers annually. By understanding the status of cargo, it will ensure they can improve the efficiency of the supply chain.