COPENHAGEN/ARMONK, NY: August 09, 2018. Maersk and IBM have launched ‘TradeLens’, a blockchain-based shipping platform with over 90 participants that has already captured 154 million events at a rate of one million a day.

Train and containersUsing blockchain smart contracts, the participants use a trade document module, released under a beta program called ‘ClearWay’, to collaborate in cross-organizational business processes and information exchanges backed by a secure, non-repudiable audit trail.

In one example TradeLens was shown to reduce the transit time of a shipment of packaging materials to a production line in the US by 40 percent. Available today through an early adopter programme, the platform is expected to be fully commercially accessible by the end of the year.

“TradeLens uses blockchain technology to create an industry standard for the secure digitization and transmission of supply chain documents around the world,” said Peter Levesque, CEO of Modern Terminals. “This initiative will generate tremendous savings for our industry over time while enhancing global supply chain security.”

Ceva Logistics CIO Christophe Cachat said his company sees a unique opportunity in joining forces with IBM, Maersk and other industry actors to promote global standards around an open and neutral solution based on blockchain.

Other participants in the programme include over 20 port and terminal operators worldwide; Pacific International Lines (PIL) Maersk Line and Hamburg Süd; Customs authorities in the Netherlands, Saudi Arabia, Singapore, Australia and Peru; plus logistics providers Agility, DAMCO, Kotahi, PLH Trucking Company, Ancotrans and WorldWide Alliance.