Cargo shipping giant Maersk and IBM announced TradeLens, a technology that applies blockchain technology to world’s global supply chain.

TradeLens takes advantage of blockchain, a decentralized public ledger behind tech such as cryptocurrency — to enable global trade to be more efficient and secure.

Those 94 organizations are actively involved or have agreed to participate on the TradeLens platform built on open standards as early adopters.

The participants include more than 20 port and terminal operators including PSA Singapore, International Container Terminal Services Inc, Patrick Terminals, Modern Terminals in Hong Kong, Port of Halifax, Port of Rotterdam, Port of Bilbao, PortConnect, PortBase, and terminal operators Holt Logistics at the Port of Philadelphia, and global APM Terminals’ network.

And freight forwarders participating include transportation and logistics companies including Agility, CEVA Logistics, DAMCO, Kotahi, PLH Trucking Company, Ancotrans ,and Shipco.

TradeLens uses IBM blockchain technology as the foundation for digital supply chains, empowering multiple trading partners to collaborate by establishing a single shared view of a transaction without compromising details, privacy or confidentiality.

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