Sri Lanka’s first private container terminal, South Asia Gateway Terminals, or SAGT, has recently joined IBM and Maersk’s blockchain trade platform TradeLens.
It is the first terminal in the country to adopt blockchain technology to digitize its business processes.
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In an announcement on 16 July, Maersk said the collaboration will help SAGT overcome the slow pace of manual paper-based Bitcoin System documentation processes.
Digitisation and operational efficiency
The SAGT is an important link in the conduct of world trade and processes more than two million twenty-foot containers annually. The integration of the TradeLens platform into its operations is expected to help digitize documentation and streamline data entry from the global supply chain ecosystem.
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The terminal can easily record information on shippers, shipping companies, ports and other intermediaries involved in the supply chain. By bringing more transparency to container flows, TradeLens plans to improve the operational efficiency of the container terminal.
To this end, Bimal Kanal, Head of TradeLens, South Asia, said: „Our ambition is to involve all stakeholders, including shippers, shipping lines, ports, banks, customs authorities, etc., in the global supply chain to be on a common platform that benefits the entire industry.
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Many of the major terminal operators have joined TradeLens
In just two years since its launch, TradeLens has signed agreements with many of the world’s leading container terminals and port operators.
As reported by Cointelegraph, India’s largest multi-port operator, Adani Ports and Special Economic Zone Limited, joined the TradeLens platform in May this year. By January, Oman’s largest port, the Port of Salalah, had joined TradeLens.
In December 2019, TradeLens also signed an agreement with Asia’s main shipping terminal, the International Terminal of Cái Mép, to digitize its trade processes.