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Sri Lankan Container Terminal Joins TradeLens Blockchain Platform

The first personal Sri Lankan container terminal, South Asia Gateway Terminals, or SAGT, lately joined IBM and Maersk’s blockchain commerce platform TradeLens.

It is the primary terminal within the nation to undertake blockchain expertise to digitize its commerce processes.

In an announcement  on July 16, Maersk stated the collaboration will assist SAGT develop previous sluggish handbook paper-based documentation processes.

Digitization for operational effectivity

SAGT is a vital hyperlink in conducting international commerce and it yearly processes greater than two million twenty-foot containers. The integration of the TradeLens platform into its operations is anticipated to assist digitize documentation and streamline the info influx from the worldwide provide chain ecosystem.

The terminal will be capable of simply report info pertaining to shippers, transport traces, ports and different intermediaries concerned within the provide chain. By bringing extra transparency into container flows, TradeLens plans to enhance operational effectivity for the container terminal.

To that finish, Bimal Kanal, Head of TradeLens, South Asia stated, “Our ambition is to have all stakeholders including shippers, shipping lines, ports, banks, custom authorities and so on, involved in the global supply chain to be on a common platform that will benefit the entire industry.”

Many main terminal operators have joined TradeLens

In simply two years since its launch, TradeLens has signed offers with most of the main container terminals and port operators across the globe.

As Cointelegraph reported, the biggest multi-port operator of India, Adani Ports and Special Economic Zone Limited joined the TradeLens platform in May this 12 months. In January, Oman’s largest port Port of Salalah had joined TradeLens.

In December 2019, TradeLens additionally inked a take care of the main Asian cargo terminal Cái Mép International Terminal to digitize its commerce processes.

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