Valenciaport, one of the largest ports in Europe by volume, and the Port of Montreal, Eastern Canada’s largest container port, have joined Maersk and IBM’s TradeLens project, a technological solution to apply blockchain to the global supply chain.
TradeLens project is a technological solution developed by IBM and Maersk that allows the blockchain to be applied to the global supply chain.
The TradeLens ecosystem currently includes more than 20 port operators and terminals around the world, representing approximately 234 seaports on five continents, including PSA Singapore, ICTSI, Patrick Terminals, Modern Terminals in Hong Kong, Port of Halifax, Port of Rotterdam, Port of Bilbao, PortConnect, PortBase and terminal operators Holt Logistics in the Port of Philadelphia.
On November 5, Valenciaport announced its involvement with the TradeLens project. Valenciaport will be integrated as “Early Adopters”, a category which the parties consider themselves of mutual interest so that the technologies that are developed consider Valenciaport as a collaborator from the beginning.
Furthermore, the Port of Montreal joined TradeLens, too, alongside Canada Border and Services Agency (CBSA) as the two newest Canadian members of the global, blockchain-enabled shipping solution.
Sylvie Vachon, President and CEO of the MPA stated that:
We are convinced that joint work on a global scale is part of the key solutions to achieve a better flow of information and goods for the benefit of clients and partners. TradeLens is fully aligned with our objectives and business strategy centred on innovation and efficient shipping.
According to the data collected by the system itself, the use of TradeLens allows to reduce the transit time of a shipment by 40%, which represents an important economic saving.
The developers of TradeLens have indicated that the information contained in this system grows at the rate of one million daily data shipments, surpassing EDI systems used in the common way, in addition to avoid the use of emails, messaging and fax services.
