IBM, Maersk Launch Blockchain Platform in Russia for International Trade

IBM, Maersk Launch Blockchain Platform in Russia for International Trade



IBM, Maersk Launch Blockchain Platform in Russia for International Trade

The largest container ship and supply vessel operator in the world since 1996, Maersk, has partnered with US multinational IT company, IBM, to launch a blockchain platform in Russia called TradeLens to promote international trade.

The introduction of blockchain technology into the Russian market has been implemented with the goal of replacing the paper-based transportation process with digital documentation instead. This is expected to facilitate greater levels of international trade for Russia as the country’s main container gateway, the Port of St. Petersburg, has been established as the location for the pilot launch.

Maersk CEO Yuriy Tsvetkov said TradeLens would bring greater levels of transparency to the contracting procedure by ”distributing information about supply and demand, conditions, and operations between many participants of the transport and logistics processes.”

TradeLens is an established blockchain platform that processes over 10 million shipping events and thousands of documents each week. The platform’s blockchain capabilities mean users can gain access to a secure and immutable record of transactions relating to the products they are shipping.

Earlier this week the CEO of Russian state-owned bank Sberbank confirmed the institution would not be developing any cryptocurrency-related services, although it would be exploring blockchain applications for its services. Overall, Russia has taken a relatively strong ‘blockchain not Bitcoin’ stance.

 

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