The Canada Border Services Agency (CBSA) is the latest company to test a blockchain shipping solution developed by IBM and Maersk. TradeLens, which the creators presented in August of this year after a pilot project in 2017, aims to simplify logistics processes.
The first such border authority to investigate the platform CBSA will now “determine what role the platform could play in its business processes,” the release explains.
CBSA president John Ossowski said “TradeLens could create a singular, trusted digital supply chain for all shipments entering Canada. The TradeLens pilot gives us an opportunity to not only find process efficiencies and gain analytical insights, but improve data providence, accuracy and targeting capabilities.”
Ossowski further stated “The end result may be a faster and more reliable national supply chain, which could positively impact Canada’s economic output.”
The CBSA has also worked with the Montreal Port Authority to employ TradeLens for shipping and handling. The deployment of Smart Contracts on Blockchain enables the automation of sales and trading processes, eliminating middlemen and reducing costs and margins of error.
After the official release, the TradeLens customer CEVA appreciated the software and said it had formed a “big step forward toward establishing a market standard for blockchain solutions.”
The US has recently confirmed its plans to use Blockchain in a similar marginal capacity.
Last week, the National Bank of Canada announced that it would pilot a blockchain project to use smart contracts to replace current email – based practices. Of late, Air Canada said it is going to take part in a blockchain-based travel sales platform created by the Swiss blockchain startup Winding Tree.
