IBM and Maersk have announced the launch of their blockchain-powered global trade system, TradeLens. The joint development aims to provide efficiency and security to global trade.
The development of TradeLens followed a joint announcement in January to provide a digital solution to the global trade and involved a 12-month trial to identify errors with aim to commercially launch by the end of 2018.
Bridget van Kralingen, senior VP of the solutions and blockchain division at IBM, said: "We believe blockchain can play an important role in digitizing global shipping, an area of the global economy that moves four trillion dollars of goods every year. However, success with the technology rests on a single factor – bringing the entire ecosystem together around a common approach that benefits all participants equally.
"Our work with Maersk and other enterprises in the shipping ecosystem has shown that blockchain can be used to form a strong, connected network in which all members gain by sharing important data and that together we can transform a vital part of how global trade is conducted."
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During the development of TradeLens, IBM and Maersk employed approximately 94 organizations in 300 locations globally, some of which includes custom authorities, ports, cargo shippers and logistics companies.
TradeLens will aim to reduce time-consuming processes to offer a secure digitized option for international trade collaboration and aims to use blockchain smart contracts and beta program, ClearWay, to assure stakeholders with a secure, non-repudiable audit trail.
Additionally, TradeLens hope to provide its members with real-time access to shipping data, including IoT and sensor data ranging from container weight to temperature control.
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