Standard Chartered joins IBM and Maersk's blockchain shipping platform

Tuesday 17 March 2020 14:11 CET | News

Standard Chartered has joined TradeLens, the US-based blockchain shipping platform created by IBM and Denmark-based logistics company Maersk.

As a participant institution, Standard Chartered will be able to validate the authenticity of shipments in real-time using documents securely exchanged between networked entities. Before on-boarding its first bank this week, TradeLens’ 150+ members included international port and terminal operators, ocean carriers and intermodal providers, customs authorities, freight forwarders, logistics companies, government authorities and cargo owners.

TradeLens is a global supply chain solution with a focus on containerised freight and logistics, which was first launched by IBM and Maersk back in April 2018. It operates by providing standards-based open APIs that enable supply chain data to be immutably tracked and shared using a permissioned blockchain. In combination with blockchain. TradeLens uses the Internet of Things (IoT) and sensor data for the monitoring of a range of variables, from temperature control to container weight.

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Keywords: Standard Chartered, TradeLens, partnership, US, United States, trade finance, blockchain trade finance, internet of things, intermodal providers, Customs authorities, freight forwarders, logistics
Categories: Banking & Fintech
Countries: United States
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Banking & Fintech

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