South Asia Gateway Terminals (SAGT), the first private Sri Lankan container terminal, has joined IBM and Maersk’s blockchain trade platform TradeLens. It is the first terminal in the country to adopt blockchain technology to digitize its trade processes.
On July 16, it has been reported in an announcement that Maersk said the collaboration will help SAGT grow past sluggish manual paper-based documentation processes.
However, the terminal will be able to easily record information pertaining to shippers, shipping lines, ports, and other intermediaries involved in the supply chain. By bringing more transparency into container flows, TradeLens plans to improve operational efficiency for the container terminal.
The first private Sri Lankan container terminal has joined TradeLens platform for trade digitization https://t.co/NlicfhwByB — Cointelegraph (@Cointelegraph) July 16, 2020
SAGT is an important link in conducting global trade and it annually processes more than two million twenty-foot containers. The integration of the TradeLens platform into its operations is expected to help digitize documentation and streamline the data inflow from the global supply chain ecosystem.
Bimal Kanal, the Head of TradeLens, South Asia said:
“Our ambition is to have all stakeholders including shippers, shipping lines, ports, banks, custom authorities and so on, involved in the global supply chain to be on a common platform that will benefit the entire industry.”
As per the report, TradeLens has signed deals with many of the major container terminals and port operators around the globe in just two years since its launch.
Thus, in December 2019, TradeLens inked a deal with the major Asian shipment terminal Cái Mép International Terminal to digitize its trade processes.