Yesterday it was
reported that the Thailand Customs Department is to adopt TradeLens, the logistics focused blockchain platform of IBM and Maersk.
Thailand is the second nation in south-east Asia, after Singapore, to use the system. TradeLens has so far welcomed many high profile firms due to the efficiency and transparency it provides. With blockchain, the platform turns waiting times for shipping documentation from days to minutes.
Yesterday’s report claims that around 200 documents are exchanged and 300 people are involved in every shipment. The delay in conventional systems is mostly because of paper-based documentation, such as
bills of lading, and the need for verifiable trust between parties. TradeLens eliminates both of these requirements with blockchain technology.
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