Standard Chartered Bank joined the blockchain-enabled shipping platform TradeLens to avail real time information for validating and protecting transactions for faster and safer service to its clients.
The solution is jointly developed by Danish transport and logistics giant Maersk and IBM by applying blockchain to the world’s global supply chain.
Standard Chartered Bank is the first financial institution to enter a formal agreement for use of the platform.
On the TradeLens blockchain network, the bank is expected to operate a blockchain node, participate in consensus to validate transactions, host data, and act as Trust Anchors, or validators for the network.
The bank is among more than 150 diverse organizations worldwide involved in the TradeLens platform, which was launched in August last year, just six months after the blockchain collaboration between IBM and Maersk was announced in January 2018.
The platform has the data for more than half of the world’s ocean container cargo or over 15 million containers, on the blockchain network after the recent addition of five of the top six shipping carriers, including Maersk itself, on the network.
The TradeLens ecosystem includes global shippers, shipping lines, third-party logistics providers, freight forwarders, customs authorities and border agencies. It also includes more than 100 port and terminal operators, representing about 234 marine gateways or seaports on five continents.
According to the data collected by the system, the use of TradeLens is claimed to reduce the transit time of a shipment by 40 percent, which represents thousands of dollars in cost saving.
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