This decision came at a time when Maersk and IBM seemed to be having difficulties with their blockchain platform, since there were not many carriers eager to join the project.
TradeLens aims to alter the traditional process of the global supply chain into a modern digitalized one by increasing its efficiency and reducing the cost. The purpose of Modern Terminals' participation is to evaluate the performance of TradeLens and offer any suggestions on to what extent technology can be enhanced. In the past, Modern Terminals has also made a giant investment leap in information technology and port infrastructure, as part of the company's direction.
According to Peter Levesque, Group Managing Director of Modern Terminals Limited, the initiative is expected to generate major savings in the future, while in the meantime will enhance the global supply chain security, since until today the documentation in shipping is still paper-based and therefore inefficient and open to fraud.
TradeLens combines more than 20 port operators and terminals globally, factoring 234 docks on 5 continents including Port of Valencia, PSA Singapore, Patrick Terminals, Port of Halifax, Port of Bilbao, PortBase, PortConnect and the Port of Philadelphia.