BLOCKCHAIN PLATFORM FOR TRADELENS SEA PORTS GOT A PARTNER IN HONG KONG
The second largest operator of sea terminals in Hong Kong, Modern Terminals Company joined the TradeLens blockchain platform – created to track the supply chains of sea cargo to ports. The project brings together 20 major ports around the world.
Modern Terminals Company joined blockchain platform for tracking marine cargo TradeLens.
TredeLense is a joint venture of the Danish transport conglomerate Maersk and the American IT Corporation IBM. It is a blockchain platform that is designed to include Maritime trading operations.
Today, the platform is used by 20 operators of ports and marine terminals around the world, including the ports of Valencia, Singapore, Halifax, Bilbao, Philadelphia and Patrick Terminals, PortBase and PortConnect.
Before TradeLens’ launching, most of the ports were working mostly with paper documents. This involved container ships, and since the verification of cargo documentation could take considerable time, it also led to delays in the goods delivery.
As stated, the use of TradeLens allows to reduce the shipping time by 40%. The use of a digital registry has allowed all participants in the supply chain to broadcast the status of each container to each other in real time, with activity records being unreachable.
Meanwhile, Modern Terminals was also among the TradeLens participants in order to assess the platform’s ability to provide real-time activity recordings. In addition, each participant can suggest changes in the platform.