Yesterday, Standard Chartered bank announced it is joining the TradeLens blockchain container shipping platform.
Jointly developed by IBM and Maersk, TradeLens aims to digitize the container shipping industry and enable transparency in supply chains. Currently, transport and trade of goods are costly and time-consuming due to reliance on paper-based processes. By using blockchain, participants can securely share information and collaborate using a single platform.
“The trade ecosystem has complex processes, slow turnaround times, high paper-based manual documentation and limited connectivity between the various parties involved and it remains a major pain point in the centuries-old trade finance industry,” said said Aarthi Fernandez, COO Trade, Singapore & South East Asia and Global Head of Trade Operations, Standard Chartered Bank.
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