Hong Kong’s Terminal Operator Joins TradeLens
TradeLens, a distributed ledger technology (DLT) platform for supply chains, is getting larger. The second biggest container terminal operator in Hong Kong, Modern Terminals has joined the project.
Earlier this month, Port Authority of Valencia, the largest shipment organization in Spain, teamed up with IBM and Maersk in the project.
Cooperation is the key
Paper records are going out of date. Before blockchain, a majority of the biggest ports in the world kept their documentation in paper. That solution has flaws. It is exposed to manipulation, damages and losses.
Peter Levesque, the Group Managing Director of Modern Terminals, said:
“It does not seem like much, but it is. Without blockchain, you’re going on faith that what’s on the document is what’s in the container.”
According to the TradeLens, the first trial of its platform reduced the shipment time by 40 percent. It will result in a large economic savings for the supply chain.
Still, Modern Terminals wants to evaluate the performance of the project in real time. Each company involved can offer a suggestion to improve TradeLens.
Levesque added that the initiative “will generate tremendous savings for our industry over time while enhancing global supply chain security.” He is confident that the new development will allow for seeing the whole supply chain in one spot.
Image by Lee Yiu Tung / shutterstock.com
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