TradeLens - Experts & Thought Leaders

Citi Treasury and Trade Solutions (TTS) Asia Pacific has completed its first pilot paperless trade finance transaction using the TradeLens platform. Leveraging blockchain technology supplied by TradeLens, the pilot illustrates the effectiveness of the technology to improve supply chain efficiency by significantly reducing document processing lead times. Paperless process With the underlying Letter of Credit executed using an electronic Bill of Lading (eBL), Citi Bangladesh facilitated the import of agrochemical products from India to Bangladesh for Syngenta Bangladesh using an entirely paperless process. This process resulted in a 10-day reduction in document processing times from around an expected 20 to 25 days. The transaction also led to a reduction of costs related to paperwork, postage, port demurrage, and transport. End-to-end digital solution TradeLens eBL is an end-to-end digital solution for the issuance, transfer, and surrender of original bills of lading TradeLens is a multifunctional blockchain-based shipping platform jointly developed by IBM and GTD Solution Inc., a subsidiary of A.P.Moller-Maersk. The TradeLens eBL is a standard, industry-supported, end-to-end digital solution that provides shippers, cargo owners, freight forwarders, banks, and carriers with a streamlined and secure process for the issuance, transfer, and surrender of original bills of lading. Digital trade  Citi Treasury and Trade Solutions Head for Bangladesh, Md. Moinul Huq, said, “Trade has traditionally been reliant on paper-heavy documentation across multiple parties thus making transactions complex and riskier. Embracing innovative technologies and platforms is bringing substantial benefits to our clients and to Citi as their banking partner." "We are delighted to have supported Syngenta Bangladesh in this pilot transaction and next-gen cross-border trade processing modality. On the back of this pilot, we will work towards the commercialisation and expansion of our services in this area of digital trade.” End-to-end blockchain scalability  "Transferring bills of lading digitally brings immediate benefits to all the entities involved. Supply chain processes are complex and the ability to collaborate seamlessly with multiple partners is critical,” said Kim Spalding, CEO of TradeLens. "The continued integration of banks to the TradeLens platform is a valuable demonstration for the industry of the scalability of end-to-end blockchain and its impact on critical transactions.” eBL Citi and the exporter’s Bank worked collaboratively with TradeLens towards the closure of the transaction During the course of the shipment, all associated documentation was shared and validated among various parties via the TradeLens platform. Digitised documents included the electronic Bill of Lading issued directly from the carrier as well as the Commercial Invoice, Packing List, and Certificate of Origin. The issued eBL was forwarded to the exporter, Syngenta Asia Pacific, on the TradeLens platform itself. The exporter, through its bank, then sent all the required documents electronically to Citi Bangladesh through the same platform. Both Citi and the exporter’s Bank worked collaboratively with TradeLens towards the successful closure of the transaction. Trade efficiency and simplicity Kanika Thakur, Asia Pacific Trade Head, Treasury, and Trade Solutions, Citi, said, “We are proud of this milestone transaction and our strong partnership with Syngenta across the region. With trade digitisation continuing to gather pace, and as supply chain disruptions persist, clients are prioritising efficiency and simplicity in trade execution." "We will continue to make progress in our digitisation efforts, leveraging industry platforms that can bring together multiple parties in a transparent manner, and making trade financing accessible through our own proprietary digital platforms.”

They are excited to share that Unifeeder is collaborating with TradeLens, a logistic platform developed by A.P. Moller - Maersk and IBM powered by blockchain technology. Unifeeder is currently sharing all tracking data to the platform which provides members of the Maersk Group with greater transparency of their Unifeeder shipments. Improving operational efficiency The platform has the potential to significantly improve operational efficiency and expand the capabilities of optimising internal planning and providing a better overview for the cargo owners. "The initiative has been a huge milestone in digitising the shipping industry and we as Unifeeder are thrilled to be joining the global players and being part of shaping the future of intelligent supply chains," says Martin Nyhuus CIO of Unifeeder.

TradeLens announced the Costa Rican Customs Authority will integrate with their blockchain underpinned platform to review containerised shipment events and transportation documents, including bills of lading. Important information recorded within specific data fields in transportation documents will be used in risk assessments trials with TradeLens making trade easier for compliant companies doing business in the country while assisting in the identification of fraudulent activities. Access to logistics operations  Customs of Costa Rica also plans to share critical event information via the TradeLens platform, making available customs releases and other critical milestones to permissioned parties. The sharing of time-critical events via the TradeLens platform will allow importers and exporters in Costa Rica to gain access to earlier information and better plan logistic operations, this includes other supply chain entities like APM Terminals. Easy technology review Customs of Costa Rica is excited to explore the benefits that blockchain can offer local importers and exporters" Gerardo Bolaños, General Director of Customs stated,  “Customs of Costa Rica is excited to explore the benefits that blockchain can offer local importers and exporters." "Collaborating with an ecosystem that already exists within the TradeLens platform allows us to review this new technology quickly and easily making it easier for legitimate international trade with Costa Rica is an important joint goal of this evaluation. " Supply chain digitisation platform Announced in January 2018 as a collaboration between Maersk and IBM, TradeLens is a global supply chain digitisation platform, built on open standards. TradeLens is a neutral solution created with feedback from the network participants and designed to modernise the industry for the better benefitting participants who can now collaborate across the global trade ecosystem. Important milestones are being achieved to facilitate trade working together with customs authorities in Abu Dhabi, Pakistan, and other locations. ‍Increased efficiency  TradeLens connecting to Costa Rica Customs is an essential step to increase efficiency and drive out waste"  “TradeLens connecting to Costa Rica Customs is an essential step for us in Central America to build a platform that spurs everyone to think differently and understand how shared, permissioned data can be used to increase efficiency and drive out waste." "We look forward to working with the team in Costa Rica Customs to realise these benefits for all in the local supply chain," said Thomas Sproat, Global Head of Network at TradeLens. TradeLens network TradeLens Foundational Carriers include A.P. Moller – Maersk, CMA CGM, Hapag-Lloyd, MSC Mediterranean Shipping Company (MSC), and Ocean Network Express (ONE) Pte. Ltd. The TradeLens network consists of: 200+ worldwide ports and terminals directly connected 55 million containers tracked 4.7 billion shipping events 27 million documents 45+ intermodal carriers including 5 Class 1 rail providers in the USA TradeLens is working with authorities across 17 countries and 6 continents