TradeLens blockchain platform, jointly developed by Maersk and IBM, welcomed two new members in July, South Asia Gateway Terminals (SAGT) and Shipwaves have jumped into the supply chain technology project on 16 and 21 of July respectively.
SAGT is the first Public Private Partnership (PPP) container terminal in Sri Lanka, and is an "important partner in South Asia" for TradeLens when it became the first terminal in Sri Lanka to adopt blockchain technology. This move, according to an announcement, is expected to help in accelerating the digitalisation agenda of the shipping industry in the country by transforming manual, paper-based and time-consuming administrative processes into digital ones.
The collaboration with the blochchain platform will allow SAGT to bring together data from the entire global supply chain ecosystem that includes shippers, shipping lines, ports and many more supply chain players from around the world. This data, based on the blockchain-powered TradeLens platform, will improve operational efficiency through better visibility of container flows across multiple modes.
"The collaboration with TradeLens is a very important step forward in strengthening our digital agenda and staying ahead of the curve when it comes to digital transformation," stated Ted Muttiah, chief commercial officer of SAGT.
In addition, the association between the front-running blockchain-powered supply chain solution and Mumbai-based Shipwaves is aimed at accelerating the digitalisation of the ocean logistics space, especially in India and the Middle-East.
Having recently allowed shipping bills of lading to be filed over a blockchain platform, India has been betting big on blockchain-enabled solutions to digitalise its maritime supply chains, according to a release. TradeLens said its blockchain solution provides controlled, permissioned access to secure and immutable transportation documents while bringing together stakeholders such as shipping carriers, ports, customs offices, and other players in the ecosystem through its platform.
Through this linkage, Shipwaves, the first Asian digital freight forwarder, will be able to provide timely end-to-end supply chain visibility, secured sharing of digital shipping documents, and data directly from partners, concluded TradeLens.
This will enable the forwarder to improve efficiency and decrease operational costs by a significant margin, while the smart contract-based workflows will automate and digitalise multi-party interactions, which will result in improved efficiency.
The chief operating officer of Shipwaves, Sajid Mohammed pointed out that the Covid-19 pandemic made clear that being an innovator is not enough and collaborations are crucial to enhance competence and expand capabilities.
"We believe that the TradeLens platform will truly elevate our value proposition, allowing us to interconnect with shippers, carriers and other stakeholders. The best part is that all this will be done using the innovative technology that ensures security, trust, and transparency," he commented.
Enabling freight forwarders with data direct from the source to enhance their offering to their clients is a top priority for TradeLens, which argued that "leveraging in-depth data to bolster steadfast digitalisation, the development is set to unlock the next phase of growth in the ocean logistics ecosystem."