CMA CGM and MSC to Join Maersk's Blockchain Platform
CMA CGM and MSC Mediterranean Shipping Company (MSC) have announced they will join TradeLens, a blockchain-enabled digital shipping platform, jointly developed by A.P. Moller - Maersk and IBM.
TradeLens enables participants to connect, share information and collaborate across the shipping supply chain. The attributes of blockchain technology are ideally suited to large networks of disparate partners, says Maersk. Blockchain establishes a shared, immutable record of all the transactions that take place within a network and enables permissioned parties access to trusted data in real time.
The platform now has over 100 participants. The addition of CMA CGM and MSC will result in data for nearly half of the world's ocean container cargo being available on TradeLens. The companies will promote TradeLens and create complementary services on top of the platform for their customers and partners.
TradeLens is already processing over 10 million discrete shipping events and thousands of documents each week for shippers, carriers, freight forwarders, customs officials, port authorities, inland transportation providers and others.
CMA CGM and MSC will operate a blockchain node, participate in consensus to validate transactions, host data, and assume the critical role of acting as Trust Anchors, or validators, for the network. The companies will be on the TradeLens Advisory Board which will include members across the supply chain to advise on standards for neutrality and openness.
"Digitization is a cornerstone of the CMA CGM Group's strategy to provide an end-to-end offer tailored to our customers' needs. We believe that TradeLens, with its commitment to open standards and open governance, is a key platform to help usher in this digital transformation," said Rajesh Krishnamurthy, Executive Vice President, IT & Transformations, CMA CGM Group. "TradeLens' network is already showing that participants from across the supply chain ecosystem can derive significant value."
The TradeLens platform has enormous potential to spur the industry to digitize the supply chain and build collaboration around common standards, said André Simha, Chief Digital & Information Officer, MSC. "We think that the TradeLens Advisory Board, as well as standards bodies such as the Digital Container Shipping Association, will help accelerate that effort."