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ICTSI connecting 31 global terminals to TradeLens Blockchain network

Photo: ICTSI MICT 1.jpg
Manila-headquartered International Container Terminal Services, Inc. (ICTSI) is connecting 31 of its global terminals to the TradeLens Blockchain network developed by IBM and Maersk.

The blockchain platform will allow the ICTSI terminals to access information on cargo movements well in advance of vessel arrivals. The ability to track containers through the networked exchange of data will enable efficient asset planning for all entities involved utilising data in near real-time to create end-to-end data visibility.

“We are now testing the system and transferring information about loading and discharge of cargo, berthing of vessels to the blockchain platform. After complete integration of the system, we will be able to optimise work with regulatory authorities, improve our terminals’ visibility to what is coming to them as well as receive updates from the sea carriers online,” said Brian Hibbert, vice president and chief information officer of ICTSI.

Launched in 2018, the TradeLens ecosystem includes more than 175 organisations, extending to more than 10 ocean carriers and encompassing data from more than 600 ports and terminals. Already, it has tracked 30 million container shipments, 1.5 billion events and roughly 13 million published documents.

“The broadening geographic scope of the platform is bolstered by the addition of ICTSI and provides new opportunities for TradeLens participants as the ecosystem continues to expand rapidly. We are excited to welcome ICTSI and eagerly await the creation of new ways of working for shippers and consignees that indirectly utilise their services,” said Thomas Sproat, TradeLens director of network development.

The blockchain technology reduces the processing time of traditional paper documents, making it faster and easier to issue bills of lading for cargo, sanitary certificates, invoices for payment and other types of documentation. For terminals, this is especially important when considering hazardous cargo and potential efficiency gains in the terminal release and customs release processes.

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