The Port Authority of the Bay of Algeciras (APBA) has recently announced that they are getting into a partnership with IBM for their shipping platform Tradelens. It is based on blockchain technology and is being developed by both IBM and one of the biggest names in international shipping Maersk.
This collaborative platform will allow more reliable and effective exchange of information and documentation, promoting collaboration and elevated confidence among the parties involved throughout the global supply chain.
Algeciras is the second port of Spain with almost 100 million tons in 2015. It is 7th busiest container port in the continent of Europe and 28nd in the world with a trading volume of 2.81 million TEUs in 2010 and 9th busiest port by cargo in Europe and 57th in the world with a cargo volume of 69,572,000 tons in 2008.
In addition to containers, port operations include bunker fuel handling, cruise shipping, roll-on/roll-off and facilities for a fishing fleet.
TradeLens uses IBM Blockchain as the basis for digital supply chains, granting multiple trading partners to cooperate by installing an individual shared view of a transaction without yielding details, privacy or confidentiality.
Shippers, shipping lines, freight forwarders, port, and terminal operators, inland transportation and customs authorities can interact more efficiently through real-time access to shipping data and shipping documents, including IoT and sensor data ranging from temperature control to container weight.
Using blockchain smart contracts, TradeLens enables digital collaboration across the multiple parties involved in international trade.
The trade document module, released under a beta program and called ClearWay, enables importers/exporters, customs brokers, trusted third parties such as Customs, other government agencies, and NGOs to collaborate in cross-organizational business processes and information exchanges, all backed by a secure, non-repudiable audit trail.
In August 2018 BitcoinExchangeGuide had reported that TradeLens had been already incorporated with 94 projects. It has already registered more than 230 million shipments and processed more than 20 million containers. Even earlier this month we bought you a story about Saudi Arabia have successfully completed the testing of a pilot scheme that will link the country’s native cross-border trade platform FASAH with TradeLens.
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