Standard Chartered joins TradeLens shipping blockchain platform – Ledger Insights

Yesterday, Standard Chartered bank announced it is joining the TradeLens blockchain container shipping platform.

Jointly
developed by IBM and Maersk, TradeLens aims to digitize the container
shipping industry and enable transparency in supply chains.
Currently, transport and trade of goods are costly and time-consuming
due to reliance on paper-based processes. By using blockchain,
participants can securely share information and collaborate using a
single platform.

“The
trade ecosystem has complex processes, slow turnaround times, high
paper-based manual documentation and limited connectivity between the
various parties involved and it remains a major pain point in the
centuries-old trade finance industry,” said said Aarthi Fernandez,
COO Trade, Singapore & South East Asia and Global Head of Trade
Operations, Standard Chartered Bank.

The
TradeLens blockchain platform integrates IoT devices to measure
physical aspects such as temperature and container weight, among
other things. The platform is trying to bring cargo owners, freight
forwarders, rail and trucking providers, ports, terminals, ocean
carriers, customs, and other government authorities onto a single
platform.

Since
its launch, TradeLens has processed 15 million containers worldwide,
and now has a network of 150 members. The platform has five of
the top
six ocean carriers
 as
members, who represent over half the world’s container cargo
capacity.

For
the bank, TradeLens provides access to the data that underpins some
of its trade finance business.

“The
partnership with TradeLens equips Standard Chartered Bank with
reliable real-time information to validate and protect the integrity
of transactions and thus deliver fast and safe service to our
clients,” Fernandez added.

Meanwhile,
Standard Chartered is also part of several blockchain initiatives
across the globe. The bank is one of the founders of the Voltron
Letter of Credit blockchain, recently renamed as…

Source Link