Global container shipping lines CMA CGM and Mediterranean Shipping Company (MSC) have announced they are joining TradeLens, a blockchain-enabled digital shipping platform jointly developed by A.P. Moller-Maersk and IBM.
With CMA CGM, MSC, Maersk, and other carriers committed to the platform, data for nearly half of the world’s ocean container cargo will be available on TradeLens, Maersk said in a statement.
“The addition of CMA CGM and MSC will provide a significant boost to the TradeLens vision of greater trust, transparency, and collaboration across supply chains to help promote global trade,” it added.
CMA CGM and MSC will operate a blockchain node, participate in consensus to validate transactions, host data, and assume the critical role of acting as “trust anchors,” or validators, for the network. CMA CGM and MSC will be on the TradeLens Advisory Board which will include members across the supply chain to advise on standards for neutrality and openness.
TradeLens enables participants to connect, share information and collaborate across the shipping supply chain ecosystem. Members gain a comprehensive view of their data and can digitally collaborate as cargo moves around the world, helping create a transparent, secured, immutable record of transactions.
The attributes of blockchain technology are ideally suited to large networks of disparate partners. Blockchain establishes a shared, immutable record of all the transactions that take place within a network and enables permissioned parties access to trusted data in real time.
With more than 100 participants on the platform today, TradeLens is already processing over 10 million discrete shipping events and thousands of documents each week, providing shippers, carriers, freight forwarders, customs officials, port authorities, inland transportation providers, and others a common view of transactions, which can build trust, said the statement.
A commitment to data ownership rights and permissioned access to data helps ensure privacy and confidentiality while enabling users to collaborate more efficiently with real-time access to shipping data.
“Digital collaboration is a key to the evolution of the container shipping industry. The TradeLens platform has enormous potential to spur the industry to digitize the supply chain and build collaboration around common standards,” said André Simha, chief digital & information officer of MSC.
“We believe that TradeLens, with its commitment to open standards and open governance, is a key platform to help usher in this digital transformation,” said Rajesh Krishnamurthy, executive vice president of IT & Transformations at CMA CGM.
Beneficial cargo owners like Procter and Gamble will benefit from the addition of more carriers onto the platform, said Maersk.
“P&G ships a significant volume of ocean containers every year. Whether filled with our products or the materials used in production, understanding the status of our containers helps us manage an efficient supply chain,” said Michelle Eggers, director of global logistics purchases of P&G.
Photo: Michael Schwarzenberger