Thai Customs to Use Maersk-IBM’s ‘TradeLens’ Blockchain

Asia Blockchain Review
September 8, 2019

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.

TradeLens Developed to Revolutionize Logistics

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.

Real-Time Information Sharing for Efficient Workflow 

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. 

Source: https://www.cryptopolitan.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

    Related Article
    Defending Truth with Blockchain – Eliminating Fake News
    The business of journalism is under attack and Blockchain can help regain trust between the publishe...

    August 10, 2020

    Mainstreaming Of Cryptocurrency Investments? An Exploration
    While the security and the regulation is well chronicled. The big question that needs to be answered...

    August 10, 2020

    The 5G Pandora Box: An Ultimate Kingmaker
    Unlike WWII which had sheer military might as its focal point, digital technologies such as 5G would...

    August 9, 2020

    Cyber Attacks In India Surge In Post Border Face Off
    The clashes between Indian and Chinese troops at Galwan valley that took the lives of soldiers from ...

    August 8, 2020

    We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us