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CMA CGM and Mediterranean Shipping Company join blockchain platform
Global container carriers CMA CGM and MSC Mediterranean Shipping Company (MSC) have announced they will join TradeLens, a blockchain-enabled digital shipping platform, jointly developed by A.P. Moller - Maersk and IBM
IBM and Maersk have been joined by CMA CGM Group and MSC on the TradeLens, a blockchain-based shipping platform. Together CMA, MSC and Maersk, along with other carriers already on TradeLens, represent nearly half of the world’s container shipping volume.
With CMA CGM, MSC, Maersk, and other carriers committed to the platform, data for nearly half of the world's ocean container cargo will be available on TradeLens.
The companies will promote TradeLens and create complementary services on top of the platform for their customers and partners.
TradeLens enables participants to connect, share information and collaborate across the shipping supply chain ecosystem. Members gain an overview of their data and can digitally collaborate as cargo moves around through permissioned access, which is all recorded permanently on the blockchain’s record of transactions.
With more than 100 participants on the platform today, TradeLens says that it is already processing over ten million discrete shipping events and thousands of documents each week across shippers, carriers, freight forwarders, customs officials, port authorities, inland transportation providers, and others.
CMA CGM and MSC will operate a blockchain node, participate in consensus to validate transactions, host data, and assume roles as Trust Anchors, or validators, for the network. CMA CGM and MSC will be on the TradeLens Advisory Board.
"Digitisation is a cornerstone of the CMA CGM Group's strategy to provide an end-to-end offer tailored to our customers' needs. We believe that TradeLens, with its commitment to open standards and open governance, is a key platform to help usher in this digital transformation," said Rajesh Krishnamurthy, Executive Vice President, IT & Transformations, CMA CGM Group. "TradeLens' network is already showing that participants from across the supply chain ecosystem can derive significant value."
"Digital collaboration is a key to the evolution of the container shipping industry. The TradeLens platform has enormous potential to spur the industry to digitize the supply chain and build collaboration around common standards," said André Simha, Chief Digital & Information Officer, MSC. "We think that the TradeLens Advisory Board, as well as standards bodies such as the Digital Container Shipping Association, will help accelerate that effort."
The attributes of blockchain technology are ideally suited to large networks of disparate partners. Blockchain establishes a shared, immutable record of all the transactions that take place within a network and enables permissioned parties access to trusted data in real time.
"The major advances IBM continues to make in blockchain illustrate that the technology is fostering new business models and playing an important role in how the world works" said Bridget van Kralingen, Senior Vice President, Global Industries, Clients, Platforms & Blockchain, IBM. "More than a hundred participants have put their trust in the TradeLens network and are gaining greater transparency and simplicity in the movement of goods. Together we are advancing a shared aim to modernize the world's trading ecosystems."
"While carrier participation is critical, it is important to note that the TradeLens platform relies on participation from across the entire supply chain ecosystem," said Vincent Clerc, Chief Commercial Officer, A.P. Moller - Maersk. "Increasing ease of doing business for our customers and providing visibility across the container journey is at the centre of the Maersk strategy. And TradeLens is all about that in its aim to transform the supply chain industry and provide value to all players, from freight forwarders, to ports and terminal operators and inland transportation providers, to customs and other governmental agencies, and ultimately to the customers themselves."
"P&G ships a significant volume of ocean containers every year. Whether filled with our products or the materials used in production, understanding the status of our containers helps us manage an efficient supply chain. We are convinced that the industry will benefit from the transparency and accuracy of blockchain solutions and we are pleased to see MSC, CMA CGM, and Maersk all on the TradeLens platform. We have been testing TradeLens for the P&G business and see potential as the solution scales. We look forward to industry-wide adoption to benefit all network members," said Michelle Eggers, Director Global Logistics Purchases, P&G.