Standard Chartered Bank has joined TradeLens, the blockchain-based container logistics platform jointly developed by Maersk and IBM, becoming the first financial institution to enter a formal agreement for use of the platform.
TradeLens aims to replace manual and paper-based processes for transporting and trading goods with a secure digital system allowing stakeholders to share information and collaborate across the shipping supply chain.
In joining the platform, Standard Chartered will be able to instantly validate the authenticity of shipments using records of real-time data and document exchange amongst the network of entities involved in a shipment.
“The trade ecosystem has complex processes, slow turnaround times, high paper-based manual documentation and limited connectivity between the various parties involved, and it remains a major pain point in the centuries-old trade finance industry,” said Aarthi Fernandez, COO Trade, Singapore & South East Asia and Global Head of Trade Operations, Standard Chartered Bank.
“The partnership with TradeLens equips Standard Chartered Bank with reliable real time information to validate and protect the integrity of transactions and thus deliver fast and safe service to our clients.”
TradeLens currently captures millions of supply chain events and tens of thousands documents per week, having processed information on over 15 million containers worldwide since its launch in December 2018. The ecosystem consists of more than 150 members, including ports and terminals, ocean carriers and intermodal providers, and government authorities.