IBM Blockchain Platform reaches operational agreement with Russian authorities

TradeLens blockchain platform, jointly developed by Maersk and IBM, aims to facilitate international trade. The ecosystem consists of over 100 different organizations, including carriers, ports, terminal operators, third-party logistics, and freight forwarders.

Maersk Group, founded in 1904, is headquartered in Copenhagen, Denmark. With over 100 years of development, it has become a world-class company with strong capabilities in shipping, oil exploration and production, logistics, and related manufacturing industries.

According to a report, on June 6, the Russian authorities reached an agreement with the TradeLens platform to operate in the country. The pilot project will first be launched at the main port in Saint Petersburg, Russia's second-largest city, and will introduce digital document processes to replace the current paper-based shipping operations.

Maersk Group commented on this collaboration:

The project aims to facilitate interaction between shippers and the country's regulatory and administrative entities, "ultimately improving customs clearance speed and cross-border transportation of goods," providing seamless, secure, real-time operational supply chain information to all relevant participants.

TradeLens, a blockchain platform for the logistics industry, allows participants to share shipping transaction data, with collaborating institutions acting as nodes to support the blockchain system. With the platform reaching an operational agreement in Russia, Russian Deputy Transport Minister Yuriy Tsvetkov mentioned during the signing of the memorandum:

As we expect, the main result of TradeLens implementation should be an increase in transparency of contract procedures through data sharing among many participants in logistics and transportation processes.

It is understood that the platform currently has over 100 participants, "processing millions of shipping events and thousands of documents weekly." IBM has also been actively involved in the logistics industry, expanding its cooperation with governments after reaching an agreement with the Central Bank of the Republic of Azerbaijan in October 2018.

Reports indicate that on June 12, IBM signed another agreement with the country to introduce blockchain technology into customs procedures, aiming to deploy blockchain across various regions within five years to track goods transportation.

• Indonesia to Invest Millions in Building Blockchain Projects to Improve Logistics Industry
• Russian Region Collaborates with Blockchain Developer to Launch Blockchain-Based Tourism Platform

Join now to get the most comprehensive information on financial technology, blockchain insights, and industry examples!