According to a recent media report in Oman, the nation’s largest port, the Port of Salalah, is now part of the TradeLens blockchain platform. The TradeLens platform aims to digitize the shipping sector to enable the transparent sharing of data in the container-shipping sector. TradeLens utilizes data received from IoT devices to measure various aspects of containers such as weight, temperature, and much more.
The TradeLens platform members handle over half of all the world container cargo. However, not all the cargo goes through the platform. This platform has the goal of enabling real-time sharing of data in the shipping sector by various players around the world. As a result, it will lead to increased efficiency in the global supply chain. Currently, TradeLens handles over 10 million events and over 100,000 documents weekly.
Why the Port of Salalah Joined TradeLens
According to the media report, the Port of Salalah joined the TradeLens platform as part of its digitization effort. Recently, the platform set a new annual record by handling 4 million TEUs. The platform is still working to digitize as many aspects of the shipping sector as possible.
According to the CEO of the port Mark Hardiman, joining TradeLens was a crucial step for the port in its modernization effort. He added that adopting the blockchain would not only make the port more attractive but also support the creation of new business models, which can leverage the geographical location of the port.
According to Maersk’s Director of Development Thomas Sproat, the addition of the Port of Salalah to the TradeLens platform marked an important milestone for the TradeLens ecosystem in the Middle East. He added that this would position the blockchain as one of the important components that will drive innovation in the region. In his opinion, this was going to increase the visibility and efficiency of the supply chain for those involved.
APM Terminals run the Port, which is part of the APM Terminal Global Terminal Network. It has a very busy General Cargo Terminal that handled over 16 million metric tons of non-containerized cargo in 2019.
In September 2019, Thai Customs announced that they had joined TradeLens. They hope to improve the efficiency of handling cargo while also lowering costs. Other major organizations that have joined the platform are Jordanian Customs authorities and Global Container Terminals in Canada. The aim is to bring all involved in the container shipping business including government agencies, ocean carriers, ports, rail providers, and cargo owners onto one platform to ensure the seamless sharing of data.
Blockchain- the Future of Logistics
TradeLens members make up a significant chunk of cargo shipped around the world globally. This is a clear indication that the blockchain is the future of the logistics sector. It will be the backbone on which all data is shared in the future. In a few years to come, it will seem incredible that the global shipping sector was once able to operate without blockchain technology.
Image Source: TradeLens Youtube Image Snapshot