This global trade-related blockchain platform that IBM and shipping giant Maersk worked together to develop previously was split from Maersk Line this January, and got a new name TradeLens. To date, 94 companies have already reached a cooperative agreement with this blockchain platform.
Benefiting from the rich business resources of Maersk, TradeLens attracted a lot of partners from physical entities, including 10 port operators, customs, logistics companies and even Maersk's major rival (such as Pacific International Lines). In effect, all these companies started testing the platform TradeLens long before, and the pilot operation has completed. TradeLens also introduced an early-phase adoption scheme, and is expected to start and run by the end of this year.
To make TradeLens an open neutral platform, IBM and Maersk have adjusted their relevant marketing strategy. Instead of adopting the method of joint venture, they describe this platform as a "cooperation and coordination" program. Michael White, the director of the Department of Global Trade Digitization with Maersk said, when releasing TradeLens, we hoped that no solution will bear the hallmark of IBM or Maersk.
In future, TradeLens may build a blockchain platform for trade financing based on IBM's hyperledger and blockchain. Furthermore, the sides also hope to create an all-inclusive platform, such as utilizing a RFID technology-based tracker to indicate real objects and then releasing operations like payment or document execution.
With regard to trade financing, IBM said, banks will serve as the most important participants in the pilot project of TradeLens, with 92 of 94 pilot partners being banks, but unveiled their names. However, one source familiar with this revealed, HSBC has approached with TradeLens many times.