MODERN Terminals Limited in Hong Kong is participating in the trial of TradeLens, a blockchain solution jointly developed for the global shipping industry by AP Moller-Maersk and IBM.
TradeLens is designed to digitise and streamline processes in the global supply chain that will lower cost and boost security.
The objective of Modern Terminals' participation as a network member is to evaluate the performance of TradeLens and to offer suggestions on where the technology can be improved.
Said Modern Terminals managing director Peter Levesque: "TradeLens uses blockchain to create an industry standard for the secure digitization and transmission of supply chain documents around the world. This initiative will generate tremendous savings for our industry over time while enhancing global supply chain security."
Over the past several years the company has made significant investments in information technology and port infrastructure to provide customers with high tech port services.