The Sri Lankan container terminal has become the first of its kind in the country to join the TradeLens platform. South Asia Gateway Terminals, or SAGT, a private firm, joined IBM and Maersk’s blockchain trade platform TradeLens. It will now use blockchain technology to digitize all its trade processes.
In a July 16 announcement, Maersk said the new partnership will enable SAGT to grow past the sluggish manual paper-based documentation processes. SAGT is an integral link that conducts global trade and it yearly processes over two million 20-foot containers.
The integration of the TradeLens platform into most of its operations is anticipated to assist in the digitization of the documentation process and streamlining of data inflow from the global supply chain network.
This terminal can easily record data and information about the shipping lines, shippers, ports, and many other intermediaries that are involved in the supply chain. Through the introduction of more transparency into the container flows, the TradeLens platform plans to enhance operational efficiency for the container terminal.
In that context, Head of TradeLens, South Asia, Bimal Kanal, said:
“Our ambition is to have all stakeholders including shippers, shipping lines, ports, banks, custom authorities, and so on, involved in the global supply chain to be on a common platform that will benefit the entire industry.”
Many Major Operators Join TradeLens
In just two years since it was launched; TradeLens has signed many deals with many of the big container terminal and port operators throughout the world. According to previous reports, Adani Ports and Special Economic Zone Limited; the biggest multi-port operator of India, joined TradeLens in May 2020. In January this year, Oman’s biggest port called Port of Salalah had also joined TradeLens.
In December last year, TradeLens also signed a deal with the big Asian shipment terminal Cái Mép International Terminal; to digitize all its trade processes.