TradeLens is a digital alliance among container shipping lines started by the teaming up of Maersk and IBM to offer customers digital freight solutions..
Touted as an open and neutral industry platform underpinned by Blockchain technology, Tradelens is now supported by major industry players such as Maersk, Zim Lines, PIL, CMA CGM, MSC, Hapag Lloyd and ONE..
This platform received a major boost on the 23rd of December 2019 when The Federal Maritime Commission (FMC) published “The TradeLens Agreement”..
Trade as we know it (or don’t know it) has been around for centuries in various forms across various time-lines..
Starting from trade on the Silk roads around 1st century BC, through the Spice Routes between the 7th and 15th centuries to the current age of globalisation, trade has come a long way indeed..
While the business of trade itself hasn’t changed from the basic concept of buying and selling, the methodology of trade and trade patterns have changed drastically especially over the last few decades..
Developing, implementing and providing new digital solutions to its customers lies at the core of G2 Ocean’s business.
For many companies in the shipping industry, where the digital transformation is moving slower than many other industries, new developments such as Blockchain, Internet of Things, Big Data, Machine Learning and Artificial Intelligence are merely buzzwords.
But not to G2 Ocean. Since the company launched in 2017, it has had a continuous focus on developing and implementing new digital solutions for its customer, employees and partners.
When the President of the 2nd largest economy in the world and the world’s factory China urges for the development of blockchain technology to be expedited, you know things are about to get real in the world of technology..
Plans are afoot to make Blockchain technology a key part of China’s innovation program and also to increase investment in the sector..
Hot on the heels of this call by the Chinese President, The Standing Committee of the 13th National People’s Congress in China passed a cryptography law on the 26th October that will be effective on January 1, 2020..
The world of shipping and freight is getting bigger and bigger but thanks to all the technological advances and digitalisation it is also bring all players in the industry closer than ever before..
However, meeting people face to face, sharing issues of mutual interest and benefit and thrashing out common problems and finding solutions has a special flavour and charm to it.. Not to mention the experience you gain out of meeting experienced people..
Intermodal Europe 2019 to be held between the 5th and 7th of November at Hamburg Messe promises to bring out the best in terms of its offering to the industry..
Some of the interesting topics presented include………………………….
Supply chain visibility remains a hot-button topic for supply chain executives. When executed correctly, it can open the door to new efficiencies, contributes to higher profitability, and reduces risk.
Meanwhile, the premature launch of systems and processes can dramatically add to costs. As Halloween approaches, poor implementation of visibility-gaining systems will reveal a monster.
This monster cannot die; it’s not susceptible to daylight or even the most intense of prayers. Instead, the supply chain visibility monster looks to show exactly every facet of an operation, including those you wish stayed hidden.
A Standard may be defined as a repeatable, documented and harmonized method of doing something, whether it relates to the manufacturing of an item or managing a process, quality of material etc..
Standards contain technical and documentary specifications or other information required to be used consistently as a rule, guideline, or definition..
Shipping is an industry that is currently deep in the process of digital innovation and enabling.. Several digital initiatives are being driven simultaneously by several groupings within the industry..
One thing that has been missing is the STANDARDS for all these digital services, but it seems that is also being addressed and Digital Standards are on the way..
A supply chain is defined as an end to end process involving a network of people, resources, activities, organizations, technology, information, etc. that provides a path to the movement and, the flow of goods and services from the supplier to the end-customer.
Now, this doesn’t sound troublesome when it’s carried out at a smaller level. But imagine, what it would be like for the companies and organizations having a business that is spread across multiple countries.
But blockchains can help in improving Supply Chain Management and here’s how..
CargoX, the public blockchain logistics document transaction platform which was built on a public blockchain, has been integrated into RoadLaunch, the private blockchain-based digital freight management platform.
This is the first publicly available integrated product in logistics of this kind, which merges the strengths of public and private blockchains in one solution to provide business users with the best of both worlds.
Global trade has been around for centuries in various forms, starting from the Silk roads to the current Digital economy/age and has come a long way bringing alongwith it many changes and advances..
After the 3rd Industrial Revolution brought the Internet into play, there has been no turning back for globalisation with global exports accounting for almost 25% of global GDP..
Digitalisation, which was very much in its infancy a few decades ago has become the new frontier of globalization.. Advances like Blockchain, IoT, Big Data, Machine Learning and Artificial Intelligence have arrived in our industry as well and are here to stay, innovate and enhance global trade..
One of the digital advances that is catching on quite quick is an Electronic Bill of Lading..