As per the latest blockchain news, Standard Chartered Bank has collaborated with TradeLens. It is a blockchain shipping platform, that was created by IT giant IBM and Danish Logistics. Talking about the collaboration, Standard Chartered global head of trade, Michael Spiegel commented that platforms like TradeLens can potentially promote the sustainability of stakeholders in international trade.
TradeLens and Standard Chartered Bank Partnership
Under this newly formed partnership, Standard Chartered Bank will now be able to authenticate shipments in real-time using securely exchanged documents.
Aarthi Fernandez, Standard Chartered global head of trade operations commented, “The trade ecosystem has complex processes, slow turnaround times, high paper-based manual documentation and limited connectivity between the various parties involved and it remains a major pain point in the centuries-old trade finance industry.”
TradeLens also works with 150 other members including government authorities, cargo owners, ocean carriers, port operators, etc.
TradeLens is a supply chain platform focussed on containerized freight and logistics. It provides standards-based open APIs, which enable immutable tracking of supply chain data on a permissioned blockchain.
It has already analyzed and processed data on more than 15 million containers, to have captured an enormous number of documents and supply chain events. TradeLens incorporates Internet of Things (IoT) and sensor data technology along with blockchain to monitor various supply chain variables.
Recently the Indonesian customs department joined the TradeLens platform, becoming the 11th government agency worldwide to do so.