According to Cointelegraph, on December 19, the Gai International Terminal (CMIT) in Ho Chi Minh City, Vietnam announced that it has joined TradeLens, a blockchain platform launched by IBM and Maersk.
(Source: Pixabay )
- Replace the SWIFT system? I understand the blockchain cross-border settlement system
- Wal-Mart and IBM reach a partnership to track shrimp supply chain with blockchain
- Gu Yanxi: Stripe, IBM and Stellar's cooperation to us
- US Food and Drug Administration works with large companies such as IBM to optimize drug supply chains using blockchain
- Lenovo, Nokia, Anheuser-Busch InBev, etc., have joined IBM's latest blockchain project
- Executives say that several IBM organizations have studied using stable coins in World Wire.
As one of the largest terminals in the deep-water port group of Gemebuk, CMIT directly connects Vietnam to Europe, North America and Asia. CMIT general manager Jan Bandstra believes that customer demand for instant transport data is what drives ports to join the blockchain platform TradeLens.
As Nguyen Xuan Ky, CMIT Deputy Manager, says, the global shipping industry is complex, so transparent and accessible cargo data is essential:
Take a seafood container exported from Vietnam to the United States as an example, more than a dozen related entities need to closely track more than 30 transportation milestones and transportation data. If different entities in the global supply chain can share information in real time at different stages, the efficiency of global trade flows will be greatly improved.
Increasingly powerful TradeLens platform
The open, neutral blockchain platform TradeLens is rapidly becoming the industry standard for the global shipping industry. It was developed in collaboration with IBM and Maersk to simplify complex supply chains.
It is now supported by more than 100 different organizations in the industry. Recently, North American container terminal operators Global Container Terminals and Thai Customs have become its customers.
Blockchain solves cross-border problems
It is believed that blockchain technology can solve cross-border trade issues. Various transportation companies, governments, and trade agencies have explored or are actively deploying this technology in an effort to digitize customs processes to enable real-time verification and certification of transportation information.