The Port Authority of Valencia, Spain (POV) has announced that it has joined the TradeLens blockchain shipping platform co-developed by tech giant IBM and shipping magnate Maersk.
The platform itself was launched back in August this year and it uses DLT for global supply chains. Ports and shipping are a primary part of the supply chain process. Recently, the Port Authority of Rotterdam had also joined the platform to become a part of the new decentralized shipping revolution. UK’s top port operator signed an agreement with Marine Transport International to develop blockchain-based logistics system for its port operations.
The TradeLens system is seeking to improve efficiency and security of supply chains. They can include shipping lanes, port and terminal operators, taxation and duties watchdogs and other concerned parties. The platform can be used to access the data and the documents involved, thus making it simpler and much more effective.
The Port Authority of Valencia has now integrated the platform and has become an “early adapter” of TradeLens. It means that the port will now take part in the early development of the system. There are 20 participants in the early adaptation platform.
TradeLens is gaining traction for supply chain systems as it has already processed more than 154 million shipping-related data transactions including information on container shipping, warehouse timing and customs documentation. According to early estimates, the blockchain-based system can be used to cut shipping times by almost 40%.
The POV has unveiled plans to develop a smart port which is based on blockchain and big data technologies since the start of October this year. According to the person-in-charge of implementing new technologies, Jose Garcia De La Guia, DLT-based systems can improve supply chain logistics on a global scale and thus help create fully electronic ports with no paperwork which can help reduce the maintenance times and increase efficiency.
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