The world’s three biggest cargo shipment firms are now using the same blockchained-based digital tracking system, thereby enabling a ledger that all members can follow in real time.
As reported by Computerworld, A.P. Moller-Maersk (Maersk) said Switzerland-based Mediterranean Shipping Company (MSC) and France-based CM CGM are now both using Maersk’s TradeLens supply chain platform to track cargo ships and containers.
Maersk is the world’s largest shipping line with 580 ships, followed by MSC with 471 and CMA GSM with 428.
Since its initial launch in 2018, TradeLens, which was jointly developed by Maersk and IBM, has had over 100 shipping and cargo firms sign on to track vessels and shipping containers through the electronic ledger.
The system is based on Hyperledger blockchain and uses a shared governance system through which members can hold others accountable for data input and are required to approve of new blocks that get added to the ledger.
TradeLens records details on cargo shipments as they leave their origin, arrive in ports, are moved overseas, and are eventually received by manufacturers and other parties. The ledger also allows competing shippers to connect, share information, and collaborate across the shipping supply chains.
Moreover, members gain a more complete overview on their data and are able to digitally coordinate as cargo makes its way across the globe. This in turn establishes a transparent, secure, and immutable record of transactions.
Traditional methods require information systems that use paper documents with data transmitted through electronic data interchange (EDI), which does not provide real-time data.
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