A major Vietnamese shipping terminal has become the latest entity to join IBM and Maersk’s TradeLens blockchain platform.
Cái Mép International Terminal (CMIT), located in Ho Chi Minh City, Vietnam, announced Dec. 19, that it had joined the TradeLens blockchain platform.
CMIT is one of the largest terminals in the Cái Mép-Thị Vải deep-water gateway port complex, providing a direct link from Vietnam to European, North American and Asian markets. CMIT general director, Jan Bandstra said that the decision to join the blockchain-based program was driven by customer demand for instant shipping data.
Having transparent, accessible cargo data is essential for the complexities of the global shipping industry, as CMIT deputy director Nguyen Xuan Ky illustrated:
“A seafood container export from Vietnam to the U.S. has more than 30 shipping milestones and shipment data at more than 10 relevant entities with requirement of close tracking […] real-time information sharing at different stages by different entities in global supply chain will increase considerable efficiency for global trade flows.”
TradeLens platform goes from strength to strength
The TradeLens platform is quickly becoming the industry standard in the global shipping industry. Developed in partnership by IBM and Maersk, the open and neutral blockchain-based platform aims to streamline labyrinthine supply chains.
It is now supported by over 100 diverse organizations within the industry, recently adding Global Container Terminals, a North American container terminal operator, and the Thai customs authority to its client base.
Blockchain solves cross-border issues
Blockchain technology has been widely lauded as a remedy for problems in cross-border trade. Various shipping firms, governments and trade agencies have explored or are actively deploying the tech in an effort to digitize customs processes and enable real-time verification of certifications and shipping info.