According to reports by Europa News dated January 21, Bay of Algeciras Port Authority (APBA) has signed an understanding according to which it will be joining hands with IBM for Tradelens (Shipping platform). Tradelens is a joint digital platform venture developed by IBM along with Maersk (international shipping giant).
Transporting over 70 million tons of cargo traffic every year, Algeciras is in the list of top 10 busiest ports in Europe. The overall output of containers from this port in the year 2017 was 4.3 million containers. Europa News has reported that according to APBA, the platform will permit a better and a safer mechanism of exchanging information and documentation amongst partners who are a part of the supply chain. As a result of this, the platform will create value for shippers, logistics operators, shipping companies as well as for freight forwarders.
According to Europa News, over 100 companies and 20 port operators became a part of the solution by the end of 2018. According to reports, Tradelens has registered shipments close to 230 million and has processed over 20 million containers. Most dominant port operators in the world have now been using blockchain technology in order to organise their operations. Port of Rotterdam (Netherlands) joined hands with ABN AMRO (Leading Dutch bank) along with Samsung’s IT subsidiary with the intention of testing blockchain for shipping.
Maqta Gateway LLC (A subsidiary of Abu Dhabi Port) was the first ever organisation in the country which set up its own blockchain solution in June 2018. This subsidiary developed and launched a blockchain based technology called Silsal which aims at making the shipping and logistics industry more efficient. The Associated British Ports in the United Kingdom signed an agreement with Marine Transport International in September 2018 with the agenda of developing blockchain for port logistics.