The TradeLens shipping solution was designed to promote more efficient and secure global trade, bringing together various parties to support information sharing and transparency.
Using IBM blockchain technology, TradeLens enables multiple trading partners to collaborate by establishing a single, shared view of a transaction without compromising details, privacy or confidentiality. Shippers, freight forwarders, port and terminal operators, and customs authorities can interact more efficiently through real-time access to shipping data and documents, including IoT and sensor data ranging from temperature control to container weight. This exchange of information is all backed by a secure audit trail.
Some 94 organisations are already involved or have agreed to participate on the TradeLens platform, as part of the early adopter programme. More than 154m events have been captured on the platform, growing by around one million per day, including data such as arrival times of vessels and documents such as customs releases and commercial invoices.
More than 20 port and terminal operators across the globe have joined the global APM Terminals' network in piloting the solution. This accounts for approximately 234 marine gateways worldwide that have or will be actively participating on TradeLens.
Other users include Customs authorities in the Netherlands, Saudi Arabia, Singapore, Australia and Peru, along with customs brokers Ransa and Güler & Dinamik. Involvement from freight forwarders and logistics companies includes Agility, CEVA Logistics, DAMCO, Kotahi, PLH Trucking Company, Ancotrans and WorldWide Alliance are also currently participating.
During the 12-month trial, TradeLens was found to be capable of reducing the transit time of a shipment of packaging materials to a production line in the US by 40%, saving thousands of dollars in costs. Supply chain participants also estimated they would be able reduce the steps taken to answer basic operational questions such as ‘where is my container?’ from ten steps and five people to one step and one person with TradeLens.
By comparison, traditional data-sharing through the EDI systems is inflexible, complex, and not in real-time, and companies must often still share documents via email, fax and courier.
"As a global logistics provider, CEVA sees a unique opportunity in TradeLens, joining forces with IBM, Maersk and other actors from our industry to promote global standards around an open and neutral solution, delivering on the promise of blockchain. It is an important step in our relentless journey to deliver increased value to all our customers and making business flow," said Christophe Cachat, CIO of CEVA Logistics.
"We believe blockchain can play an important role in digitising global shipping, an area of the global economy that moves four trillion dollars of goods every year. However, success with the technology rests on a single factor – bringing the entire ecosystem together around a common approach that benefits all participants equally," said Bridget van Kralingen, senior vice president, IBM Global Industries, Solutions and Blockchain.
"Our work with Maersk and other enterprises in the shipping ecosystem has shown that blockchain can be used to form a strong, connected network in which all members gain by sharing important data and that together we can transform a vital part of how global trade is conducted," van Kralingen concluded.