Sri Lankan Container Terminal Joins TradeLens Blockchain Platform

The primary non-public Sri Lankan container terminal, South Asia Gateway Terminals, or SAGT, just lately joined IBM and Maersk’s blockchain commerce platform TradeLens. 

It’s the first terminal within the nation to undertake blockchain expertise to digitize its commerce processes. 

In an announcement  on July 16, Maersk stated the collaboration will assist SAGT develop previous sluggish handbook paper-based documentation processes. 

Digitization for operational effectivity

SAGT is a crucial hyperlink in conducting international commerce and it yearly processes greater than two million twenty-foot containers. The mixing of the TradeLens platform into its operations is anticipated to assist digitize documentation and streamline the info influx from the worldwide provide chain ecosystem. 

The terminal will have the ability to simply report info pertaining to shippers, transport strains, ports and different intermediaries concerned within the provide chain. By bringing extra transparency into container flows, TradeLens plans to enhance operational effectivity for the container terminal.

To that finish, Bimal Kanal, Head of TradeLens, South Asia stated, “Our ambition is to have all stakeholders together with shippers, transport strains, ports, banks, customized authorities and so forth, concerned within the international provide chain to be on a standard platform that may profit the whole trade.”

Many main terminal operators have joined TradeLens

In simply two years since its launch, TradeLens has signed offers with lots of the main container terminals and port operators across the globe.

As Cointelegraph reported, the biggest multi-port operator of India, Adani Ports and Particular Financial Zone Restricted joined the TradeLens platform in Could this 12 months. In January, Oman’s largest port Port of Salalah had joined TradeLens. 

In December 2019, TradeLens additionally inked a deal with the foremost Asian cargo terminal Cái Mép Worldwide Terminal to digitize its commerce processes.

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