Port Authority of Valencia joins Maersk, IBM blockchain project

The Port Authority of Valencia (PAV) is onboard with the blockchain-powered TradeLens platform, developed by Maersk and IBM, according to an official announcement published yesterday.

Maersk and IBM have been working together on this for the last year and have now moved from Beta into limited availability.

The ecosystem currently includes more than 20 port and terminal operators. Pacific International Lines (PIL) have joined Maersk Line and Hamburg Süd as global container carriers. Customs authorities in the Netherlands, Saudi Arabia, Singapore, Australia and Peru are also involved, along with customs brokers Ransa and Güler & Dinamik.

Participation among beneficial cargo owners (BCOs) has grown to include Torre Blanca/Camposol and Umit Bisiklet. Freight forwarders, transportation and logistics companies including Agility, CEVA Logistics, DAMCO, Kotahi, PLH Trucking Company, Ancotrans and WorldWide Alliance are also in the mix.

More than 154 million shipping events have been captured on the platform, including data such as arrival times of vessels and container “gate-in”, and documents such as customs releases, commercial invoices and bills of lading.

Traditionally, some of this can be shared through the EDI systems commonly used in the supply chain industry but these systems are inflexible, complex, and can’t share data in real-time, those involved claim. Too often, companies must still share documents via email attachment, fax and courier. TradeLens can track critical data about every shipment in a supply chain, and offers an immutable record among all parties involved.

Come together

“We believe blockchain can play an important role in digitising global shipping, an area of the global economy that moves four trillion dollars of goods every year. However, success with the technology rests on a single factor – bringing the entire ecosystem together around a common approach that benefits all participants equally,” says Bridget van Kralingen, Senior Vice President, IBM Global Industries, Solutions and Blockchain.

“Our work with Maersk and other enterprises in the shipping ecosystem has shown that blockchain can be used to form a strong, connected network in which all members gain by sharing important data and that together we can transform a vital part of how global trade is conducted.”