One of the largest container port managers in Hongkong, Modern Terminals has decided to use Blockchain technology to monitor the supply chain and document information. A Chinese media outlet reported this, revealing that a collaboration between the Danish shipping behemoth, AP Moeller-Maersk Group, and IBM led to the development of the platform that will be used.
Second Largest Container Port Manager to Use Tradelens Blockchain Platform
Modern Terminals is the second biggest container port manager in Hongkong. The Blockchain platform the terminal operator will employ is called, TradeLens and it is set for launch later this year. The technology digitizes the processes that are involved in the supply chain which can lead to transparency, high efficiency, and cost management.
TradeLens will be used to document information related to shipping such as customs clearance. It will eliminate most of the paperwork that is usually carried around in bulk on these ships. Also, these are documents that are often inaccessible for immediate verification, and this can lead to fraud.
TradeLens to Bring About Efficiency and Eliminate Fraud
Peter Levesque, managing director of Modern Terminals, noted that it might look like an insignificant change, but it isn’t. This is because, in the past, they had to take a leap of faith that what was stated on paper, is the container’s content. Therefore, the new platform is more efficient, and it will eliminate fraud since the stored data is universally accessible.
The managing director made more comments regarding the platform. According to him, TradeLens “is the Holy Grail” that will help to monitor the supply chain from one place. It creates a single system that parcel forwarders, shippers, as well as imports and terminal operators can take advantage of.
Blockchain’s Application in the Shipping Industry
On November, 22, a report was made about another reputable Shipping line in Japan, Nippon Yusen KK who was making plans to use Blockchain technology. Nippon Yusen KK intends to pay its crew members with a digital currency that is backed by the US dollar. This will make it easy for these workers to manage, spend, and transfer their earnings.
Asides the shipping industry, the construction industry as with several others are promoting transparency with the use of Blockchain technology. A similar event is with the Swiss Railway that has designed an application that is Blockchain-based. The app’s purpose is to store the identity of employees and also enable them to sign in-and-out of their jobs.