The Port Authority of Valencia (PAV) Spain, has been assimilated into the TradeLens platform, a blockchain ecosystem that was developed by IBM and shipping giant Maersk.
This is according to an official announcement that was recently published.
Introduced back in August, the TradeLens platform uses blockchain technology to global supply chains. The product seeks to bolster trade efficiency and security, wherein all contributors of the supply chain, including shipping lines, port and terminal operators, customs authorities and other parties, can cooperate and access shipping data and documents.
The announcement said that PAV has integrated into the TradeLens project as “Early Adopters,” that means the port would contribute to the platform’s development. At the moment, there are over 20 participants in the TradeLens ecosystem.
TradeLens has already processed 154 million “data-sending events,” such as container shipping, warehousing time, and customs documentation. The platform could apparently slash shipping times by 40 percent.
The PAV first announced its plans to make a “smart port” based on blockchain and big data technologies at the start of October. Jose Garcia De La Guia, who is responsible for applying new technologies in the PAV proposed that blockchain could augment logistics on a global scale and help make “ports without papers” and diminish the time spent on maintenance.
Other ports have also taken steps to incorporate blockchain technology into their operations. Just last month, the largest port in Europe, the Port of Rotterdam, collaborated with major Dutch bank ABN AMRO and the IT subsidiary of Samsung to test blockchain for shipping.
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