Thailand custom agency is fusing with IBM Maersk’s Tradelens, a blockchain logistics company in order to keep track of its shipping ports.
The merger is expected for an establishment of a well-organized tracking and information sharing.
Tradelens solution is a joint venture of IBM and Maersk, a logistic company. The gesture marks the adoption of Thailand 4.0 an economic model to face several economic bottlenecks and push for innovation and development.
The move from paperless to the digitization of shipping process and the facilitation of immutable records are the benefits of adopting blockchain-based shipping system.
“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 Chantaruck, vice-president for Indochina expansion and managing director of IBM Thailand
Chantaruck also commented that the move can benefit the entire ecosystem of global logistics.
Tradelens will instantaneously send the custom authorities the shipping data when the items leave the port of origin, allowing more time to perform any fraud or forgery checks in preparation to receive the shipments.
“Now, with five of the world’s six largest carriers committed to the platform, we can accelerate that transformation to provide greater trust, transparency, and collaboration across supply chains and help promote global trade.”Martin Gnass, managing director of information technology at Tradelens
Tradelens has accepted more than 90 companies since its launch.