APBA Signs Agreement to Join Tradelens
The APBA (Port Authority of the Bay of Algeciras) has now signed an agreement in which it will work together with IBM (International Business Machines Corp.) on the technology giant’s new shipping platform called Tradelens.
Tradelens Streamlining Shipping Industry
Tradelens is a Blockchain based digital platform that was created by a collaboration between the shipping behemoth AP Moller-Maersk AS and IBM. The focus of this platform is to create greater transparency, efficiency and security in the global shipping supply chain.
According to reports, by the end of 2018, over 100 shipping related organizations as well as 20 port operators had joined Tradelens. The platform had also processed over 20 million containers and registered over 230 million shipments last year.
Helping APBA
Algeciras is one of the busiest ports in Europe, coming in the top ten list of ports of the region. The port hosts more than 70 million tons of cargo every year. In fact, according to data, in 2017 Algeciras saw a total throughput of 4.3 million containers.
Now, according to a note released by the APBA, Tradelens will help the port authority to exchange information as well as documentation along its supply chain more efficiently and securely. Through the use of this Blockchain based platform, the APBA will be able to create more value for various shippers, logistics operators, freight forwarders as well as shipping companies.
Increasing Use of Blockchain Tech in Global Shipping
The IBM-Maersk collaboration is not the only one targeting the shipping industry. Leading port operator across the global are now turning to Blockchain technology to increase operational efficiencies and security.
In October of 2018, Netherlands’ Port of Rotterdam teamed up with Dutch banking giant ABN AMRO as well as the subsidiary of Korean conglomerate Samsung to develop Blockchain based solutions for the shipping supply chain.
In September of 2018, Associated British Ports, the biggest port operator in the UK, entered into an agreement with the digital logistics firm Marine Transport International to create a Blockchain powered platform for their port logistics.
Prior to that, in June of 2018, Maqta Gateway LLC, a subsidiary of Abu Dhabi Ports, became the first organization in the country to launch is own Blockchain based solution. Maqta created as well as launched Silsal, a platform based on this technology that focused on streamlining operations in the logistics as well as shipping industry. Basically, Silsal is designed to offer an end to end solution for trade.