The Port Authority of the Bay of Algeciras (APBA), a commercial, fishing and passenger port located in the South of Spain, has partnered with IBM in order to use its blockchain-based shipping platform, Tradelens.
According to Europa News, the Tradelens platform will allow APBA to more efficiently and securely manage its supply chain data, as well as maintain an accurate record of business transactions. The Tradelens data management system will allow all supply chain participants including individual shippers, shipping firms, freight forwarders, and logistics operators to conduct transactions in a more cost-effective manner.
Algeciras is one of Europe’s busiest ports, handling more than 70 million tons of cargo traffic each year. In 2017, the port recorded a container throughput of 4.3 million containers. It’s not the first port to use blockchain technology.
In June 2018, Maqta Gateway, an affiliate company of Abu Dhabi ports, launched Silsal, a blockchain-powered solution for improving the efficiency of the Middle Eastern nation’s shipping and logistics sector.
In September 2018, Associated British Ports (ABP), the largest port operator in the UK, announced it was working on creating a distributed ledger technology (DLT)-enabled port logistics solution. ABP also said it would be using software developed by Marine Transport International, a digital logistics firm.
In October 2018, the Port of Rotterdam in the Netherlands announced it had partnered with ABN AMRO, one of Europe’s largest investment banks, in order to launch a blockchain pilot program for shipping.
The Tradelens solution, which is a collaboration between shipping giants, Maersk, and IBM, now has over 100 organisations using the platform.This includes over 60 network members including four ocean carriers, three inland carriers, 40 worldwide ports and terminals, and eight customs authorities spanning the globe. To date, the Tradelens platform has been used to handle over 290 million shipments, and process around 20 million containers.
In a blog, Tradelens said that “Commercial availability comes with the capability to accept data from all ocean carriers on a customer-by-customer basis. This means that all participants have more options for getting value from TradeLens and supporting their entire supply chain.”