On Thursday the Bangkok Post reported on the Thais TradeLens adoption by its customs department. Thailand is the latest to join IBM’s and Maersk’s growing logistics platform harnessing the power of Distributed Ledger Technology (DLT). Thailand is the second country in the area to join the platform, following Singapore.
TradeLens now hosts over 90 different companies such as shipping giants Hapag Lloyd, Mediterranean Shipping Co (MSC) and CMA CGM. The technology connects shipping and their respective ports across the globe with some ports and terminals directly connected to TradeLens whilst others provide data to it.
As previously reported the purpose of the TradeLens platform is to reduce the mountain of paperwork, time and costs associated with shipping and its logistics. 90% of goods (approximately $4 Trillion) is transported through the shipping sector per year.
Patama Chantaruck the vice-president for Indochina expansion and Managing Director of IBM Thailand said ‘TradeLens will provide the Thai Customs Department with an automatic and immutable tracking tool, which will lead to a more secure, transparent, efficient and simpler workflow, with near real-time information sharing from a diverse network of ecosystem members.’
The collaboration with Tradelens is seen to be in-keeping with and supportive of the Thailand 4.0 Policy which ‘is an economic model that aims to unlock the country from several economic challenges resulting from past economic development models’.
As the firm continues its growth, it appears that TradeLens may well become the global tech and infrastructure used to modernise the shipping industry.