Two Global Shipping Giants Integrate with IBM’s Blockchain Network TradeLens

Blockchain technology has an exponential future as more and more global companies are embracing it. Introduced by IBM and Maersk, a blockchain platform called Tradelens welcomes two international shipping companies, CMA CGM and MSC.

Shipping Giants: CMA CGM and MSC

The new integration between IBM’s blockchain platform and shipping companies will onboard all data about supply chains. According to TradeLens head Marvin Erdly, physical processes based on manual paper have been replaced with the digital framework. All parties in the deal can easily access data as all information is embedded over blockchain via smart contracts.

As new members of the TradeLens platform, MSC and CMA CGM will act as new nodes that will validate smart contracts, thus ensure transparency and trusted nature.

Since its inception, IBM’s blockchain network has a record of 30 million shipments and almost 13 million documents. The entry of giant supply chain companies shows that the Coronavirus pandemic has increased the process of digitization.

$50 Trillion Industry

The global supply chain is a $50 trillion industry that needs to be assisted with new digital technology even in the times of lockdown. To compensate for this necessity, Blockchain is serving the purpose.

TradeLens is launched in 2018, but it did not receive significant appreciation from the community. Its main goal was to onboard more supply-chain related companies to strengthen the network. With the integration of French container and shipping company CMA CGM and MSC Mediterranean Shipping Company, it has gained a critical mass.

Entities in a digital deal of shipments can easily access information but access to sensitive information is only possible for companies. Don Tapscott wrote a book entitled “Supply Chain Revolution,” in which he stated assets can be transferred between the parties with ease and security. According to Topscott, Blockchain “can enable the digital handling of trade documents, such as purchase orders and bills of lading.”

Global chief digital and information officer for MSC, Andre Simha, said TradeLens is playing a key role in the digitalization of world supply chains. The need for blockchain in the big tech industries has increased since the onset of COVID-19.

Leave a Reply

Your email address will not be published. Required fields are marked *

Related

New Amendment Law: Crypto Companies will Share Information of Transfers Above $250

The United States is introducing new financial laws which are also applicable to digital currencies. To curb money laundering, the US regulators have proposed an amendment in the Bank Secrecy Act, which make it a requirement to collect details about transactions, which are above $250. The US regulators also include digital currencies in the upcoming […]

Grayscale Adds $300 Million in a Day and $1 Billion in a Week

Due to the increasing demand for hedge investment assets, the companies and institutional actors have increased their Bitcoin holdings. In the latest update, fund manager Grayscale notes it is holding $7 billion in assets under management. $7.3 Billion in AUM According to Grayscale, the fund manager has added a fresh investment of $1 billion in […]

Crypto Exchange Kraken Launches Trading Services in Japan

Cryptocurrency exchange Kraken has announced to offer trading services in Japan as part of its expansion plan in the APAC region. Spot Trading for Five Cryptocurrencies According to the official announcement, the exchange will offer spot trading for five major cryptocurrencies, including Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin. For these five digital currencies, the […]

Two Non-Profits Have Received $20,000 from Hackers

BBC’s report unveils that hackers have donated $20,000 in Bitcoin to two non-profits. Such kinds of unusual acts have made experts puzzled. Non-Profits: Children International and The Water Project Two non-profit organizations, Children International and The Water Project have received donation funds, which are known to be linked with criminal sources. According to BBC, the […]