- Global terminal operator, ICTSI, has agreed to connect its terminals to the TradeLens blockchain network, a platform developed by Maersk and IBM.
- This allows ICTSI’s 31 terminals permissioned access to accurate information on cargo movements in advance of vessel arrivals, according to an announcement.
- TradeLens enables carriers and cargo owners to exchange transactional information in real time, while it also sends associated trade documents to permissioned parties.
- Blockchain technology reduces the processing time of traditional paper documents, making it faster and easier to issue bills of lading.
The Philippines-based International Container Terminal Services (ICTSCI), an international terminal operator operating in 19 countries, has signed on to connect its 31 terminals to the TradeLens blockchain platform, reports Indian Transport & Logistics News.
Accurate details on Cargo movement
The release stated: Connecting to Tradelens, a blockchain platform jointly developed by IBM and Maersk, allows all ICTSI terminals permissioned access to accurate information on cargo movements well in advance of vessel arrivals.
Tracking of containers through the networked exchange of data enables efficient asset planning for all entities involved utilizing data in near real-time to create end-to-end data visibility.
Leveraging a state-of-the-art enterprise data platform ICTSI will manage a single global TradeLens connection that will enable rapid innovation and service improvement in partnership with TradeLens.
Varied pool of advantages
Brian Hibbert, vice president and chief information officer, ICTSI, said, “We are now testing the system and transferring information about loading and discharge of cargo, berthing of vessels to the blockchain platform.“
He added, “After complete integration of the system, we will be able to optimize work with regulatory authorities, improve our terminals’ visibility to what is coming to them as well as receive updates from the sea carriers online.”
TradeLens ecosystem
Launched in 2018, the TradeLens ecosystem now includes more than 175 organizations – extending to more than 10 ocean carriers and encompassing data from more than 600 ports and terminals. Already, it has tracked 30 million container shipments, 1.5 billion events and roughly 13 million published documents.
Thomas Sproat, director of network development, TradeLens, said, “The broadening geographic scope of the platform is bolstered by the addition of ICTSI and provides new opportunities for TradeLens participants as the ecosystem continues to expand rapidly.”
“We are excited to welcome ICTSI and eagerly await the creation of new ways of working for shippers and consignees that indirectly utilize their services,” he concluded.
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe!
Source: Indian Transport & Logistics News
