Indonesia's Customs Dept Joins IBM & Maersk's Blockchain Shipping Platform TradeLens

The Indonesian Directorate General of Customs and Excise has started using TradeLens, IBM’s blockchain-based platform for shipping.

The news comes after a few months of work on the platform, whereas the Indonesian Customs and Excise Department made the announcement that they will join TradeLens at the end of last year. The customs department in Indonesia is the 11th governmental agency to become a member of the TradeLens consortium, together with customs authorities from Azerbaijan, Canada, Thailand and other countries.

There Are 10 Million Events Recorded Weekly on TradeLens

The IBM Indonesia president director Tan Wijaya says the partnership is expected to benefit stakeholders in the logistics space and to modernize trades. The TradeLens platform is providing APIs that make tracking and broadcasting of supply chain data possible by using a permissioned blockchain. They aim to speed up trades and customs verification while eliminating paper-based processes. TradeLens was launched in partnership with Maersk, the Danish transport giant, back in 2018.

At the beginning of this month, it was reported by Maersk that there are 10 million supply chain events tracked on TradeLens every week. During the same time period, the US Federal Maritime Commission gave 5 US-based TradeLense members the antitrust exemption to share data on supply chain events taking place in the US. The agreement between the parties came into effect on February 6.

Blockchain Technology Given a Warm Welcome by Indonesian Regulators

Three weeks ago, Indodax, the oldest crypto exchange in Indonesia, got its license issued from the Commodity Futures Trading Regulatory Agency (BAPPEBTI). BAPPEBTI is running under the Ministry of Trade and oversees all crypto activities in the country. In 2019, it mandated all currency exchanges to register with it, measure that got Indodax seeking for a license in spite of being operational since 2014.

Get Free Email Updates!

*Action* Enter Best Email to Get Trending Crypto News & Bitcoin Market Updates

I will never give away, trade or sell your email address. You can unsubscribe at any time.

Oana Ularu
Oana Ularu
Curious about what’s going on with all the money in the world, Oana is bringing you the latest news in the crypto world. She’s aware of the fact that you need to know everything that’s happening on the financial scene in order to play the cryptocurrency market, so you can count on her to share with you every little detail on what matters.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

LEAVE A REPLY

Please enter your comment!
Please enter your name here

3,467FansLike
2,795FollowersFollow
4,230FollowersFollow

Live Bitcoin Price & Latest BTC Charts

Today's Latest Crypto News

Compound Protocol to Roll Out Decentralized Oracles Dubbed ‘Open Price Feed'

Compound, one of the most popular defi protocol, is all set to introduce open price feeds for lending on its platform using a decentralized...

$2 Million Slippage & Surge in Ether Price on Uniswap Helps Net $40k in Profit

A Uniswap user was able to profit $40,000 thanks to $2 million of slippage and the price of Ether surging north of 15%. It all...

Irish Govt to Target Cryptocurrencies Use in Money Laundering And Terror Financing

The Irish government aims to implement stricter and more stringent laws to curb money laundering and terrorism financing in its financial system, including digital...

Interactive Brokers to Settle $38 Million in Penalties for Violating AML Procedures

Interactive Brokers LLC, a U.S based brokerage that skyrocketed between 2013 and 2018, has agreed to settle a total of $38 million with the...

Ethereum Gas Price Hasn’t Been This High Since its Launch

The price of Ether is back to making its way to $400 level as it hovers around $391 in the green with just $840...

BitcoinExchangeGuide is a hyper-active daily crypto news portal with care in cultivating the cryptocurrency culture with community contributors who help rewrite the bold future of blockchain finance. Subscribe on Google News, see the mission, authors, editorial links policy, investment disclaimer, privacy policy. Got News? Contact us, we are human too. Note: nothing here is financial advice, do your own research thoroughly.

Start Using Crypto Today