The second largest terminal operator in Hong Kong, Modern Terminals, is in the latest news on our DC Forecasts crypto news site – this time for joining the TradeLens project which is a blockchain-enabled technological solution developed by Maersk and IBM.
The TradeLens ecosystem, according to the official crypto press release issued by Modern Terminals – will aim at digitizing and streamlining processes in the global supply chain in order to deliver higher efficiency and lower costs. As such, it includes more than 20 port operators and terminals around the globe, factoring around 234 docks on five continents such as the Port of Valencia, PSA Singapore, Patrick Terminals, Port of Bilbao, PortBase, PortConnect, Port of Philadelphia, port of Halifax and others.
Compared to the traditional supply chain, blockchain will here help to streamline the logistics data from documents in a faster way. As the Managing Director of Modern Terminals told SCMP:
“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.”
In January this year, Maersk’s chief commercial officer also expressed his confidence towards the development of blockchain, stating:
“The potential from offering a neutral, open digital platform for safe and easy ways of exchanging information is huge, and all players across the supply chain stand to benefit.”
Modern Terminals joins the TradeLens group of ports as a Network Member and will evaluate its performance in the real-time. Based on the outcomes, each port would offer its suggestions about whether TradeLens can be improved and scaled further.
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