The Port Authority of the Bay of Algeciras (APBA) has become the latest major port operator to join TradeLens, a blockchain-based platform for trade logistics jointly built by IBM and global shipping company Maersk.
The TradeLens blockchain solution enables various stakeholders to transparently and securely share information and track cargo as it moves from one port to another. Currently, the TradeLens platform has signed up more 20 port operators and terminals across the globe, including 234 seaports on five continents.
So far, TradeLens has logged in an impressive 230 million shipments and processed more than 20 million containers.
According to a report by Europa News, APBA will use TradeLens platform to improve productivity by ensuring secure and efficient exchange of information and documentation associated with its shipping supply chain. This will benefit all parties in the value chain, including shipping lines, freight forwarders, auditors, logistics firms, and port operators.
The Port Authority of the Bay of Algeciras is reportedly one of the busiest ports in Europe, handling over 70 million tons of cargo traffic per year. In 2017, the Algeciras port had a container throughput reaching 4.3 million containers.
Growing adoption of blockchain within global shipping industry
Because shipping globally involves multiple parties, blockchain could benefit the shipping industry by reducing paperwork and maintaining instant access to immutable records of information about the shipment status. This helps to improve efficiency and increase transparency within the supply chain. Blockchain also helps disintermediate the supply chain allowing companies to eliminate middlemen in connection with the shipping transactions.
While TradeLens has garnered significant traction in recent months, promising to deliver more efficient and secure global trade, leading port operators are also increasingly deploying blockchain solutions to streamline operations. Back in June last year, Abu Dhabi ports subsidiary, launched a domestic logistics blockchain solution, called Sisal in a bid to increase transparency and improve efficiency within the country’s supply chain and logistics sector.
In addition, the Port of Philadelphia also joined TradeLens alongside Modern Terminals Limited, a globally renowned container terminal. Finally, leading port operator in the United Kingdom, Associated British Ports, partnered with digital logistics enabler Marine Transport International to leverage blockchain technology to improve port operations.