IBM’s Blockchain Based Shipping Solution TradeLens Enrolls Indonesian Customs February 21, 2020 February 21, 2020 Kelly Cromley http://1AZFjzw2#Nwf63pYaMWq#xIY
Market NewsFebruary 21, 2020 by Kelly Cromley

IBM’s Blockchain Based Shipping Solution TradeLens Enrolls Indonesian Customs

According to software giant IBM, Indonesian Directorate General of Customs and Excise has started utilizing its blockchain powered shipping solution, TradeLens.

New reports last year indicated that the platform is being implemented by the Indonesia Customs and Excise Department. Furthermore, the organization had revealed its intention to become a member of the TradeLens consortium.

With this announcement, Indonesia’s customs department has turned out to be the 11th government agency to become a member of the TradeLens consortium.

Other prominent members of the consortium include custom authorities of Thailand, Azerbaijan, and Canada.

Tan Wijaya, IBM Indonesia’s President and Director, opined that the collaboration with the country’s customs department will “benefit all stakeholders in the entire logistics ecosystem and encourage the overall modernization of trade.”

TradeLens platform offers APIs that permit supply chain info to be unalterably monitored and broadcast utilizing a permissioned blockchain.

The company’s objective is to pave way for quicker trade and customs validation and remove paper based procedures.

IBM unveiled TradeLens in collaboration with Danish transport giant Maersk in August 2018.

Earlier in February, Maersk disclosed that roughly 10 million supply chain activities are monitored on TradeLens per week.

In the beginning of February, US Federal Maritime Commission awarded an antitrust relief to five US based members of the TradeLens consortium to exchange information related to the US supply chain activities.

The deal between the five parties became effective on February 6.

Three weeks before Indonesia’s oldest cryptocurrency exchange Indodax (earlier called as received license from the country’s regulator i.e., Commodity Futures Trading Regulatory Agency (BAPPEBTI).

BAPPEBTI, which operates under the Ministry of Trade, monitors crypto trading operations in Indonesia.

In 2019, BAPPEBTI made it compulsory for all Indonesian cryptocurrency exchanges to enroll with the institution.

The latest guidelines forced Indodax to apply for license, even though the platform has been serving the crypto community since 2014.

AuthorKelly Cromley

Kelly is our in house crytpto researcher, delving into the stories which matter from blockchains being used in the real world to new ico coming out.