Blockchain

How TradeLens is breaking down barriers while crossing oceans

Author: Mike Jones, Senior Partner, Public Sector Leader, IBM Services, Australia & New Zealand

Supply chains are at the very core of global trade and enterprise. They’re a pivotal process that provide goods to the entire world. But, with every nation on earth dependant on them, they’re now more complicated than ever.

This is where TradeLens, a cross-industry collaboration between IBM and Maersk, has found its groove. It’s an innovative open shipping platform that has utilised blockchain technology to modernise and digitise the world’s supply chains.

Essentially, TradeLens empowers trading partners to share their supply chain data securely. This then gives all parties a more cohesive view of essential information like transactions, while still protecting the privacy and confidentiality of those involved.

As supply chains are hugely complex, with many systems at play, TradeLens have three key principles in place to maintain the integrity and value of the platform.

Principle 1:

TradeLens is open, neutral and available to all permissioned parties involved in shipping or supply chain operations.

Principle 2:

The platform itself necessitates security and protection of sensitive data through a data sharing and permission model. For each shipment it will govern which parties provided the data, and which parties are granted access to the data. Sensitive information such as trade documents, remains under the control of the providers across a distributed network of blockchain nodes.

Principle 3:

Utilising an open API environment and interoperability, participants and third parties are able to build and deploy new applications on the TradeLens platform, promoting a foundation for ongoing optimisation and innovation.

So, wherever a company sits in the supply process, from cargo owner to government authority, TradeLens makes the job faster, smarter and better for everyone. In a world of complex data, expensive supply lines, and billions of people reliant on goods and services, TradeLens is helping to ensure visibility and efficiency in freight, so that nothing is lost at sea.

TradeLens is a great example of how organisations are using exponential technologies such as blockchain to reshape standard business architectures and create new platform business models – a key pillar of becoming a Cognitive Enterprise. See how organisations in Australia and New Zealand – including the public sector – can embrace digital reinvention to become Cognitive Enterprises: https://www.ibm.com/downloads/cas/YOMQYMNA

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