Blockchain Shipping Platform TradeLens to Make Its Russian Debut

Maersk

IBM and Maersk’s blockchain-powered shipping platform TradeLens is set to launch in Russia.

According to the Danish shipping and logistics giant, they’ve reached an agreement with Russian authorities allowing TradeLens to operate in the country.

A pilot project is being prepped for launch in the port of St. Petersburg, Russia’s primary shipping container gateway.

Innovation and efficiency

TradeLens provides all parties involved in the shipping and transportation process full transparency of cargo movement and access to real-time supply chain data. Its aim is to use technology to significantly innovate and increase efficiency for a largely paper-based process.

The platform aims to significantly facilitate the interaction between shippers and various regulatory and administrative bodies in the country, ultimately increasing the speed of cargo clearance and movement of goods across borders,” Maersk explained in a press release.

The main result of the implementation of TradeLens, according to our expectations, should be an increase in the transparency of the Contracting procedure by distributing information about supply and demand, conditions and operations between many participants of the transport and logistics processes,” said Yuriy Tsvetkov, Deputy Transport Minister and Head of Federal Maritime and River Transport Agency, at the signing ceremony.

Big wins for TradeLens

TradeLens had recently scored a significant coup, bringing Mediterranean Shipping Company (MSC) and CMA-CGM on board late last month.

The former is just behind Maersk in terms of size while the latter is the world’s fourth-largest cargo carrier in terms of carrying capacity.

TradeLens now plays host to 16 carriers and over 100 supply chain operators. Combined, the carriers who have signed on with TradeLens account for nearly half of the world’s ocean container cargo data.