The container terminal in Sri Lanka joins the TradeLens blockchain platform

Sri Lanka’s first private container terminal, South Asia Gateway Terminals (SAGT) recently joined IBM and Maersk’s blockchain trading platform.

It is the first terminal in the country to use blockchain technology to digitize its business processes.

In a July 16 announcement, Maersk said so The collaboration will help SAGT overcome the slowness of manual paper documentation processes.

Digitization and operational efficiency

The container terminal in Sri Lanka joins the TradeLens blockchain platform
The container terminal in Sri Lanka joins the TradeLens blockchain platform

SAGT is an important link in the handling of world trade and processes more than two million 6.1-meter containers every year. The integration of the TradeLens platform into operations is intended to help digitize the documentation and optimize data entry from the global supply chain ecosystem.

The terminal can easily record information about senders, shipping companies, ports and other intermediaries involved in the supply chain. With more transparency in container flows, TradeLens plans to improve the operational efficiency of the container terminal.

To this end, Bimal Kanal, director of TradeLens, South Asia, said: “Our aim is for everyone involved, including shippers, shipping companies, ports, banks, customs authorities, etc., to participate in the global supply chain in order to be on a common platform that benefits the entire sector. “.

Many of the large terminal operators have joined TradeLens

In just two years since it was launched TradeLens has signed agreements with many of the major container terminals and port operators around the world.

As reported by Cointelegraph, the largest multi-port operator in India, Adani Ports and Special Economic Zone Limited joined the TradeLens platform in May this year. In January, the largest port in Oman, The port of Salalah had joined TradeLens.

In December 2019 TradeLens also entered into an agreement with Asia’s main shipping terminal, the Cái Mép International Terminal, to digitize its business processes.

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