The U.S. Federal Maritime Commission is reviewing an agreement outlining the ocean shipping industry cooperation required to continue developing TradeLens, the blockchain initiative started by A.P. Moller–Maersk A/S and IBM Corp. The Commission has until Feb. 6 to reject the agreement or allow it to take effect. Maersk, CMA CGM S.A., Ocean Network Express Pte. Ltd., and Mediterranean Shipping Company S.A. are among the parties to the agreement.[1]
Maersk and IBM announced TradeLens in August 2018 and, according to a press release, hope to use the platform to “reduce the steps taken to answer basic operational questions such as ‘where is my container’ from 10 steps and five people to … one step and one person.” A presentation put together by TradeLens partners describes in detail the burdens that the global shipping industry faces (e.g., inefficient paper-based processes) and the ways in which blockchain ledger eliminates much of that burden.[2]
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