American multinational technology company, IBM and a Danish business company, Maersk will launch the Blockchain–based shipping platform. Dubbed as Trade lens, is an electronic shipping ledger which will track shipments across the globe. Both the companies revealed that there is a total of 94 participants who will run the system including 20 plus ports and terminal operators.
Trade lens will record details of cargo shipments from their departure and arrival destinations across the world until the receiver gets the shipments. With the new platform, people will be able to track down the products shipment arrival time, shipping documents, invoice, bills, etc. via the permission blockchain ledger.
According to IBM and Maersk, the platform has captured more than 160 million shipping events and there is a rapid growth of data every day, for around 1 million data. The information systems of Maersk have used the traditional approach which includes utilizing of paper legal data by using the method of electronic data interchange (doesn’t show real-time data information).
The supply chain will be assisted by Trade Lens when the data is scanned or entered manually. As it will track down critical data, some shipping manifests can also be moved via an API to the Trade Lens platform, so that manufacturers and others in the supply chain have more timely information and improved visibility to the process.