A.P. Moller-Maersk and IBM have announced the creation of TradeLens, jointly developed by the two companies to apply blockchain to the world's global supply chain. TradeLens is the result of a collaboration agreement between Maersk and IBM, a blockchain-enabled shipping solution designed to promote more efficient and secure global trade, bringing together various parties to support information sharing and transparency, and spur industry-wide innovation. As part of the TradeLens early adopter programme, IBM and Maersk also announced that 94 organisations are actively involved or have agreed to participate on the TradeLens platform built on open standards.
Using blockchain smart contracts, TradeLens enables digital collaboration across the multiple parties involved in international trade. The trade document module, released under a beta programme and called ClearWay, enables importers/exporters, customs brokers, trusted third parties such as Customs, other government agencies, and NGOs to collaborate in cross-organisational business processes and information exchanges, all backed by a secure, non-repudiable audit trail.
The TradeLens solution is currently available through the early adopter programme. It is expected to be fully commercially available by the end of this year.