Vietnam’s Cái Mép International Terminal Joins Blockchain Powered TradeLens Platform
Cái Mép International Terminal (CMIT), which is located in Ho Chi Minh City of Vietnam has stated that it has become a member of the TradeLens blockchain platform.
CMIT is one of the biggest terminals in the Cái Mép-Thị Vải deep-water gateway port arena, offering a straight forward link from Vietnam to Europe, Asian market and North America.
Jan Bandstra, CMIT general director, has stated that the resolution to participate in the blockchain powered program was led by client request for real time shipping info.
CMIT deputy director Nguyen Xuan Ky stated that it is essential to have easily accessible and transparent data to manage intricacies of global shipping sector.
“A seafood container export from Vietnam to the U.S. has more than 30 shipping milestones and shipment data at more than 10 relevant entities with requirement of close tracking […] real-time information sharing at different stages by different entities in global supply chain will increase considerable efficiency for global trade flows.”
The TradeLens platform is fast turning into the industry norm in the international shipping sector. Built in collaboration with IBM and Maersk, the transparent and neutral blockchain powered platform intends to simplify complex supply chains.
The platform is now backed by more than 100 varied organizations within the shipping sector, with Global Container Terminals, Thai customs authority and a North American container terminal operator being added to its customer base.
Shipping industry and trade experts have acknowledged blockchain technology as a viable solution for cross-border trade. Several shipping companies, trade agencies and governments have studied or are involved in deploying the technology in an attempt to digitize customs procedures and facilitate instant validation of documents and shipping data.