Blockchain-enabled digital container logistics platform TradeLens announced on Tuesday that Standard Chartered Bank had become the first financial organisation to join the platform after entering a formal agreement with the bank.
As part of the agreement, Standard Chartered will now be equipped to instantly prove the authenticity of cargo by making use of TradeLens’s vast network of shipping professionals and real-time data capturing and information sharing services.
Michael Spiegel, Standard Chartered’s head of global trade, said this agreement would help position the bank to aid in global trade and make the industry more sustainable as it moves into the modern era.
“As a critical link in the global supply chain ecosystem, Standard Chartered Bank plays a crucial role in supporting global trade transactions,” he said.
“Supply chains are continuing to become more international, drawing on many parties from around the world. Digital ecosystems have the potential to promote the sustainability agenda of many participants in international trade.”
Jointly developed by AP Moller - Maersk and IBM, the platform was launched to support the global supply chain ecosystem by digitalising the industry. Through this digitalisation, companies are now able to cut down on costs by replacing many of the traditional paper-based systems with new and advanced technology.
As of today, TradeLens has a network of over 150 members at ports and terminals across the world that provide millions of up-to-date documents and information pertaining to the shipping industry per week. – Bjorn virster
