Blockchain Tracking Platform TradeLens Boasts Five Of Six Largest Ocean Carriers As Its Member
Ocean Network Express and Hapag-Lloyd, two of the well-known maritime shipping firms, became a member of blockchain tracking platform TradeLens. The platform was introduced by software giant IBM and Danish logistics conglomerate A.P. Moller-Maersk.
Back in May, Mediterranean Shipping Co (MSC), the world’s second-largest shipping enterprise and CMA CGM, the fourth-largest container shipping firm, became the member of blockchain shipping platform TradeLens.
The blockchain solution intends to minimize paperwork and related costs and time in the logistics sector, accessed to be $4 trillion, with transit of more than 80% of the goods carried out by the ocean shipping industry.
Martin Gnass, managing director of information technology at Hapag-Lloyd, elaborated on the initiative:
“Now, with five of the world’s six largest carriers committed to the platform, we can accelerate that transformation to provide greater trust, transparency and collaboration across supply chains and help promote global trade.”
Notably, Russian authorities have inked an agreement with Danish logistics giant Maersk to unveil TradeLens, the blockchain powered shipping platform, in the country last month.
Today, food product behemoth Nestle revealed its plan to trace its products at all stages in the supply chain with blockchain technology.