IBM Blockchain has tweeted that they have joined forces with transport and logistics company Maersk to launch TradeLens, a blockchain solution for transparency and real-time updates for supply chain management.
In a Medium post, Michael White, the head of TradeLens, said that this is a solution to very longstanding problems in the global trade transport sector.
“Why am I so ecstatic about this launch? As someone who had been in the transportation industry for a long time I have seen first-hand the many challenges faced by all entities involved in global trade. I believe TradeLens will provide great solutions to many of these biggest challenges – ones that, in my opinion, simply couldn’t come fast enough,” he wrote.
According to White, among these problems are the inconsistent information sharing, and “blind spots” between organizations in different locations. Apart from communications lapses, manual processes and clearances are time-consuming and costly, while also inefficient and susceptible to fraud.
“TradeLens is the real deal; a solution that puts all the essential pieces together to digitize the global supply chain through innovations like a shared ledger, smart contracts, encrypted transactions, continuous audit history and transaction endorsement,” he said.
He also adds that “TradeLens can help to elevate world trade.”
“It’s a solution for the entire industry. We built it from the ground up to serve every player in the global supply chain,” he wrote. “Now we can get parties collaborating who couldn’t before. TradeLens does it by enabling the digitization and automation of the cross-organization business processes integral to global trade — including import and export clearance — with blockchain ensuring secure, auditable, and verifiable transactions.”
Several industry giants have been looking to blockchain technology for solutions to the supply chain. Among those dabbling in similar ventures are Goldman Sachs, funding cloud-based supply chain company Tradeshift. Retail giant Walmart has also been using their own blockchain-based solution to track food supplies, while Samsung has also been looking into migrating their multi-billion dollar manufacturing business into a blockchain-based tracking system. The UK’s Food Standard Agency (FSA) has also been exploring it for meat inspection.
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