The Customs Department of Thailand has signed an agreement with IBM and Maersk to employ their blockchain shipping solution ‘TradeLens’ in a bid to transform the country’s shipping industry, according to news outlet Cryptopolitan.
Officially announced in August 2018, Maersk and IBM’s jointly developed TradeLens solutions was reportedly designed to revolutionize how the shipping industry operates and improve the efficiency and security of global trade. TradeLens reportedly allows real-time shipment tracking and facilitates secure and borderless information sharing and trade documentation among stakeholders.
In a press release announcing the partnership, the Customs Department said that it wants to use blockchain technology to develop Thai trade. The system will be first implemented at the Laem Chabang port in Chonburi province, and later at Bangkok’s port, if deemed successful.
Patama Chantaruck, Managing Director of IBM Thailand, said the implementation of blockchain will benefit all participants in the global logistics ecosystem.
According to the managing director, the platform can send shipping data to customs authorities as the cargo leaves the port of origin, which would provide extra time for authorities to prepare for shipments and perform fraud and forgery checks.
“TradeLens will provide the Thai Customs Department with an automatic and immutable tracking tool, which will lead to a more secure, transparent, efficient, and simpler workflow, with near real-time information sharing from a diverse network of ecosystem members,” Patama said.
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