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TradeLens How

IBM and Maersk launched TradeLens, a blockchain-based global trade platform aimed at reducing shipping costs, improving supply chain visibility, and eliminating inefficiencies. The platform has onboarded over 100 organizations and logged more than 230 million shipping events, promoting collaboration and transparency among participants. As TradeLens continues to grow, it seeks to build trust within the ecosystem and support open standards for enhanced cooperation in global shipping.

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8 views

TradeLens How

IBM and Maersk launched TradeLens, a blockchain-based global trade platform aimed at reducing shipping costs, improving supply chain visibility, and eliminating inefficiencies. The platform has onboarded over 100 organizations and logged more than 230 million shipping events, promoting collaboration and transparency among participants. As TradeLens continues to grow, it seeks to build trust within the ecosystem and support open standards for enhanced cooperation in global shipping.

Uploaded by

ziani_manel9418
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as PDF, TXT or read online on Scribd
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Blockchain

TradeLens: How
IBM and Maersk
Are Sharing
Blockchain to Build
a Global Trade
Platform
November 27, 2018 | Written by: Todd Scott

Categorized: Blockchain

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  
When IBM and global
shipping leader Maersk
announced in January 2018
an initiative to create a new
global trade platform built
on blockchain, the goals
were at once simple yet
ambitious: to reduce the
cost of global shipping,
improve visibility across
supply chains and eliminate
inefficiencies stemming Close
from paper-based processes. In short, to bring global supply chains into the 21st century by digitizing them.

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In the months since, we’ve made tremendous strides in building and scaling the solution – building it from scratch on blockchai
technology and making it open to all. TradeLens is grounded in open standards withyou?
input from numerous stakeholders across t
global supply chain. It is a modern solution that delivers significant value to all participants across the ecosystem.
It’s because of these attributes that TradeLens is off to a strong start and on track to achieve a critical mass of activity required
success. The solution has on-boarded or is in the process of on-boarding more than 100 organizations, including four ocean car
three inland carriers, more than 40 worldwide ports and terminals, large freight forwarders, and eight customs authorities span
THINK Blog About IBM THINK Blog IBM Marketplace Contributors Archive
the globe from Rotterdam to Bahrain.

The companies that rely on global shipping lines to transport their goods, beneficial cargo owners (BCOs), have also embraced t
platform with companies including Dow Chemical, DuPont, Tetra Pak and more participating or having agreed to do so. Member
actively contribute data to the platform, and are connecting through open, non-proprietary TradeLens APIs that are freely availa
the industry. TradeLens has already logged more than 230 million shipping events and is set to process more than 20 million
containers before the end of 2018.

New participants are onboarding to TradeLens because they are eager to take advantage of benefits such as reduced paperwor
efficient processes, and improved trust and transparency with trading partners. By digitizing supply chains, trading partners can
collaborate seamlessly through a unified, shared view of transaction data secured by state-of-the-art encryption. Data on the n
is confidential and each participant in TradeLens owns its data even after it resides on the blockchain, meaning they are the onl
that can grant access for others to see it.

The emergence of complementary networks, such as the blockchain platform recently announced by the GSBN consortium,
underscores that the TradeLens bet was the right one and that this technology is gaining momentum in the global supply chain.
rising tide lifts all ships, and we have designed TradeLens so that as the ecosystem grows, the TradeLens value proposition grow
tandem. IBM and Maersk welcome new entrants into this nascent field and look forward to developing open standards together

Still, more work remains to be done. The use of blockchain for global shipping isn’t just a new solution — it is a wholesale reima
of the industry. For it to be successful in the long run, the network must continue to grow, the technology must continue to impr
and more value must be created for all participants.

This is about more than building new technology. The most important aspect of a platform like TradeLens is the construction of
ecosystem – building trust, in some cases, among competitors, to enable rivals to collaborate with one another through a mode
benefits everyone. It’s about supporting open standards that help enable common data structures to enable more participants
and collaborate. This cooperation is the crux of any successful blockchain network.

As IBM and Maersk continue to invest and build the world’s first blockchain network for the global supply chain, our value propo
will only continue to grow and attract more participants.

Todd Scott
Blockchain Vice President, Global Trade IBM Industry Platform

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