Modern Terminals, a container terminal operator in Hong Kong, has adopted TradeLens, a blockchain-enabled technological solution, for documenting logistics data. The solution is a product of the duo, Maersk and IBM.
The company is assertive that TradeLens will help in digitizing and streamlining the global supply chain process. As a result, the efficiency will improve and costs will go down. Moreover, the blockchain-based system will be immutable and give real-time access to documents. Previously, the company was using paper records which is prone to damages, manipulation, and other inefficiencies. Eventually, it had to incur losses due to shipment delays and manual filing errors.
Peter Levesque, the group managing director of Modern Terminals, has confidently confirmed that blockchain makes the process more transparent. He added that the move will generate savings.