Commenting on this development, Jan Boverman, responsible for HHLA's digital transformation as a business development manager, said that:

TradeLens is one of the first applications of the blockchain platform for which we have found a practical application in HHLA. This new method of sharing information should help us better respond to customer needs. Data exchange on this platform is possible not only in public, but also in a very secure form. Confidentiality is guaranteed through Smart Contacs

With TradeLens, terminal operators, like HHLA, receive direct communication with transport companies and other customers or partners. Therefore, the information is available in real time and the data usage rights are continuously transparent.

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Mr. Boverman added that blockchain allows for a deep global processes in international trade. So far, progress has been stalled because of information repositories in the company, paper or other labor-intensive processes, and access rights to data that is easy to manipulate.

TradeLens aims to modernize the world's supply chain ecosystems. Many of the processes for transporting and trading goods are very costly, partly, because of the manual and paper-based systems. Replacing these systems, the platform aspires to allow participants to digitally connect, share information and cooperate across the shipping supply chain ecosystem.

Recently, Hapag-Lloyd and Singapore-based Ocean Network Express (ONE) Pte. Ltd announced they will join the blockchain-enabled digital shipping platform, led by A.P. Moller - Maersk and IBM.