The hugely successful TradeLens, a Blockchain platform which has been built by IBM initially for the shipping giant Maersk and now accounts reportedly for 50% of all shipping cargo, has recently signed up the Thailand government.This will allow customs officials to be able to track in real-time cargos locations, and so improve the efficiency of collecting customs duties and inspections. There are over 100 participants globally that are now using the TradeLens Blockchain-powered platform, replacing cumbersome paper-based systems. TradeLens claims it has helped reduce the transit time by up to 40%, saving thousands of dollars for the companies using its platform.
“Blockchain for the enterprise is solving previously unsolvable problems,” states Bridget van Kralingen, Senior Vice President, Global Industries, Clients, Platforms & Blockchain, IBM. “Through improved trust, simplicity and improved insight into provenance, blockchain solutions such as TradeLens are delivering proven value across business processes for our clients and their ecosystems. Massive new efficiencies in global trade are now possible and we’re seeing similar effects across the food industry, mining, trade finance, banking and
other industries where the value of blockchain is more apparent than ever before."
By having one record of information to track cargo as it moves between different parties is proving to be a real help for those moving goods around the world. For example, to ship avocados from Kenya to the Netherlands involves 30 different organizations, over 100 people and 200 individual information exchanges. So, it is not difficult to see how inefficiencies can creep in, slowing down shipments and those leading to delays, not to mention the possible spoiling of perishable cargos of produce.
As we have mentioned before, TradeLens is a great example of ‘collaborative capitalism’, i.e. where Blockchain Technology has created a platform itself, enabling competitive firms to become more efficient collectively, thereby improving profit margins while offering their clients a better service – a real ‘win-win’ for all.
