Key Facts: Maersk and IBM’s Blockchain Shipping Solution
A.P.Moller-Maersk have collaborated with IBM to apply the TradeLens blockchain solution to the global supply chain.
Here are ten facts you need to know:
1) TradeLens is available today through the Early Adopter Program and is expected to be fully commercially available by the end of 2018.
2) The platform enables digital collaboration across the multiple parties involved in international trade.
3) You can track critical data about every shipment in a supply chain. TradeLens offers an immutable record among all parties involved.
4) During the 12-month trial, Maersk and IBM worked with dozens of ecosystem partners to identify opportunities to prevent delays caused by documentation errors, information delays, and other impediments.
5) The platform is capturing more than 154 million shipping events. This is growing at rate of one million a day.
6) Maersk and IBM have reported that some supply chain participants estimate that TradeLens could reduce the steps taken to answer basic operational questions from 10 steps to one.
7) TradeLens can assist in managing the arrival times of vessels, container ‘gate-ins’ and documents such as customs releases, commercial invoices and bills of lading.
8) The platform can reduce the transit time of a shipment of packaging materials to a production line in the US by 40%, “avoiding thousands of dollars in cost”, according to Maersk and IBM.
9) IBM and Maersk originally announced plans to launch the solution in January 2018. After feedback from various members of the supply chain, the technology and shipping giant modified the go-to-market model of TradeLens and delivered it through a collaboration agreement instead of the joint venture.
10) Discussions are currently underway with openshipping.org to align the TradeLens APIs with the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT), an intergovernmental body mandated to develop electronic standards. The TradeLens APIs are open and available for developer access and feedback from participants in the platform.
All images courtesy of Maersk