Canadian Pacific railway Becomes Member of TradeLens Blockchain Network
TradeLens, a blockchain technology based shipping documents processing platform developed by IBM and Maersk, has enrolled Canadian Pacific as the latest member.
With this, the platform will be integrated with the intercontinental railway document handling procedures.
The company’s railway tracks widely cover Canada and the US with straightforward links to key ports on the east and west coasts.
The blockchain powered platform of TradeLens was particularly created to “enable the secure and transparent” holding, distribution and transfer of data in the container-shipping sector.
The system embeds the customers’ internal systems through APIs. TradeLens utilizes the IBM Blockchain Platform with its core based on the permissioned Hyperledger Fabric blockchain.
Canadian Pacific anticipates the platform to speed up the manner in which multi-modal shippers, who link road and sea routes, to distribute documents with partakers of other supply chain.
Canadian Pacific VP and CIO Mile Redeker, said “Global shipping is a profoundly complex business. TradeLens is improving the information-sharing processes that support the industry”.
Notably, Canadian Pacific is the 10th intermodal shipper to become a member of the TradeLen’s ecosystem. The remaining nine are are reputed large container shipping firms.
Interestingly, five of the top six shipping giants have been using the platform for more than a year.
Of late, Turkish ports group YILPORT Holdings, which aims to transform into a top ten international operator by 2025, embedded the TradeLens platform, and also key ports in Sri Lanka and Vietnam.
Even though Port terminals constitute the greatest share of TradeLens members, other industries such as intermodal operator CP are also a member of the platform. Even Dubai’s port logistics operator DP World, some custom departments and Standard Chartered bank are part of the TradeLens network.