TradeLens, a joint initiative between IBM and Maersk that aims to digitize the paperwork in the container shipping industry through blockchain, announced that more than ten members have joined the network in China following its launch in the region on May 10. TradeLens started activities in China just two months after Hong Kong-based competitor GSBN received regulatory approval to operate in Asia.
Using IBM technologies, the joint initiative with Maersk promotes a platform for participants in global trade to safely share information and collaborate digitally. Besides tracking and sharing information stored on blockchain with permissioned parties, TradeLens also digitizes key trade documents such as Bills of Lading.
The initiative carried out its first pilot back in 2018 when 94 organizations agreed to participate in the platform. As of today, the solution has tracked 42 million container shipments, and digitized 20 million documents.
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