Pakistan’s Customs is partnering with logistics blockchain platform TradeLens to digitize supply chains moving in and out of the country and enhance control of trade-based money laundering.
Cross-border supply chains are complex operations that can often involve up to 30 independent parties and require various information exchanges for a single shipment. The costs are inevitably high and the opportunities for mistakes and fraud increase with every exchange. Digitizing these processes minimizes chances for error and creates a consistent and traceable log of all data that makes the management of supply chains more efficient and secure.
TradeLens, a joint initiative between IBM and container shipping firm Maersk, created a solution to address this need, enabling each involved party to access the digital information that it’s permitted to view. It supports five of the six largest ocean carrier companies globally, including Hapag-Lloyd and Ocean Network Express, and has numerous international ports as participants.
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