TradeLens, a joint venture between Maersk and IBM, intends to launch their digital trade blockchain platform in Russia in cooperation with Morsvyazsputnik, a structure under the RF Federal Agency for maritime and river transport.
According to Maersk Russia, the pilot project is to be implemented in the Big port of St. Petersburg.
TradeLens utilizes IBM-developed blockchain technology for building digital supply chains and will offer more efficient cooperation between all parties involved by creating a database of all cargo-related transactions while guaranteeing privacy and confidentiality of information.
According to Maersk, the company is currently negotiating with customers and authorities in Russia in order to make test shipments via St. Petersburg in the near future.
The pilot will involve several customers, their partners providing overland transportation services, the Federal Customs Service and other controlling authorities.
TradeLens is an open platform for all industry players and will be available for all carriers, not Maersk alone. Maersk is negotiating with other major shipping lines on their participation in the project.
Currently, TradeLens already processes over one million events daily in life testing mode. Among the platform participants are terminal operators, shipping lines, overland carriers, regulatory bodies, the customs authorities of the Netherlands, Australia, Saudi Arabia, and Peru. Other countries are expected to join the project in the near future.