Yesterday the Port Authority of Valencia, Valenciaport, announced plans to join the blockchain shipping platform, TradeLens.
TradeLens currently includes more than 20 port operators and terminals around the world including PSA Singapore, ICTSI, Patrick Terminals, Modern Terminals in Hong Kong, Port of Halifax, Port of Rotterdam, Port of Bilbao, PortConnect, PortBase and terminal operators Holt Logistics in the Port of Philadelphia.
The TradeLens project has been jointly developed by IBM and Maersk to apply blockchain technology to the global supply chain. And according to data collected by the system, it allows a reduction in transit time of a shipment by 40% and aims to digitalize the container shipping process.
The platform allows multiple partners such as shippers, shipping companies, freight forwarders, terminals, carriers and customs to simultaneously access a project in real time, allowing a single shared view of a transaction, whilst protecting the privacy and confidentiality of the data.
It also allows for digital collaboration between parties such as importers / exporters, customs agents, customs authorities, other government agencies and NGOs. This enables organizations to work together on business processes and exchange document information. At the same time the blockchain documents are traceable and auditable. This business document module is under a beta program and called ClearWay.
Valenciaport joins the project as an ‘early adopter,’ which enables them to be considered as a collaborator on the project from the beginning on any technologies that originate from the program. They are one of many high profile early adopters and a full commercial launch is due by the end of 2018.
Competition
Yesterday CargoSmart unveiled a new project called the Global Shipping Business Network (GSBN). Five of Maersk’s biggest competitors plan to join the new consortium along with the three largest port operators. TradeLens’ carriers have a combined market share of 22.8% compared to 30.3% for GSBN.
The other significant network involves the world’s largest shipping freight forwarder Kuehne + Nagel which is working on a project with Accenture and others.
Singapore port owner PSA is participating in both TradeLens and GSBN plus it has an ownership interest in the Open Trade Blockchain (OTB).
