Thailand is incorporating IBM and Maersk’s blockchain project to streamline their shipment monitoring processes.
Local news outlets reported that the Customs Department of Thailand will adopt TradeLens solutions, the logistics platform jointly backed by IBM and Maersk, as part of Thailand’s 4.0 strategy.
After Singapore, Thailand will be the second member in the Southeast Asian Nations Association to use the platform.
Customs officials in Thailand are expected to receive notifications when shipping containers leave the ports of origin, allowing them to better prepare for arrival.
Last October, three months after the platform was introduced, the customs department opened talks with TradeLens. It will be introduced first in a port of Chon Buri, and later in Bangkok, said the study.
Patama Chantaruck, vice-president for Indochina expansion and managing director of IBM Thailand, told the press that integrating a blockchain solution will help modernise both national and international trade.
Chantaruck said, “TradeLens will provide the Thai Customs Department with an automatic and immutable tracking tool, which will lead to a more secure, transparent, efficient and simpler workflow, with near real-time information sharing from a diverse network of ecosystem members.
Increased transparency of data is expected to reduce fraud and forgery , as well as provide a more effective revenue collections.