CMA CGM, MSC to join Maersk-IBM’s blockchain-enabled digital shipping solution
May 29, 2019: Shipping giants’ CMA CGM and MSC Mediterranean Shipping Company (MSC) have decided to join TradeLens, a blockchain-enabled digital shipping platform.
This solution, jointly developed by AP Moller – Maersk and IBM, will get a significant boost with the addition of these major container carriers. With more than 100 participants on the platform today, TradeLens is already processing over ten million discrete shipping events and thousands of documents each week, providing shippers, carriers, freight forwarders, customs officials, port authorities, inland transportation providers, and others a common view of transactions, which can build trust.
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.
CMA CGM and MSC will operate a blockchain node, participate in consensus to validate transactions, host data, and assume the critical role of acting as Trust Anchors, or validators, for the network. CMA CGM and MSC will be on the TradeLens Advisory Board which will include members across the supply chain to advise on standards for neutrality and openness.
The companies will promote TradeLens and create complementary services on top of the platform for their customers and partners.
Beneficial cargo owners like Procter and Gamble will benefit from the addition of more carriers onto the platform.
“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.
TradeLens enables participants to connect, share information and collaborate across the shipping supply chain ecosystem. Members gain a comprehensive view of their data and can digitally collaborate as cargo moves around the world, helping create a transparent, secured, immutable record of transactions.
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.
A commitment to data ownership rights and permissioned access to data helps ensure privacy and confidentiality while enabling users to collaborate more efficiently with real-time access to shipping data.
“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.”