Thailand is utilizing IBM and Maersk’s blockchain initiative to streamline its shipment tracking procedures, a local news source stated.
Thailand will be the second country member of the Association of Southeast Asian Nations to utilize the platform, taking after Singapore.
More than 90 diverse companies have joined TradeLens since its establishment.
As per the Post, customs authorities in Thailand will get notices when shipping containers take off their ports of origin, permitting them to better prepare for arrival.
The vice-president for Indochina development and managing director of IBM Thailand, Patama Chantaruck, told the Post that utilizing blockchain tools will offer assistance in modernizing national and international trade.
On TradeLens particularly, she stated:
“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.”
Increased information transparency may result in more proficient assessments for extortion and fraud, as well as more compelling income collections, the Post stated.
The customs department opened discussions with TradeLens representatives last October, three months after the platform rolled out. It’ll first be actualized at a Chon Buri harbor, and afterward, in Bangkok, the report stated.
Thailand becomes one of a few national controllers and 15 ocean carrier lines in employing TradeLens.