IBM TradeLens helps exchange vital information within the supply chain of the port of Oman.
According to a note published by a local newspaper called Time of Oman, it was confirmed that one of the largest ports in this Arab country, Port of Salalah, has joined the TradeLens service, a blockchain platform designed by IBM which seeks to help organize the supply chain. This transport program was launched by the technology giant IBM and the shipping company Maersk in 2018.
During an interview with IBM executives on a news website, it was known that, until now, the incorporation of the Port of Salalah makes the TradeLens platform one of the most productive in the world, with more than 150 participants worldwide and adding its presence in more than 90 ports and terminals.
The Port of Salalah is one of the largest port roads in the country, and according to Time of Oman data, it has to date a large record number of more than 4 million containers entering by sea per year. In this way, it is reported that Oman is now one of the countries that involve TradeLens services, and therefore blockchain technology in the port industry.
According to data provided by Time of Oman’s press release, this movement is part of an initiative that seeks to improve the customer experience using the new digital technology. It also explains that this initiative also seeks to standardize its services with the rest of the world, as well as to do it more transparently, compared to other ecosystems of the supply chain.
The Operation of TradeLens
The renowned TradeLens supply chain platform uses IBM blockchain technology to allow multiple business partners to collaborate with each other. In this way, TradeLens provides a real-time view of all transactions and data related to sending within a blockchain network shared with members. This helps to make the collaboration more efficient and supervised among all the companies involved, including ports and terminals, shipping lines, vessels, freight forwarders, internal transportation, and customs authorities.
According to information shared by the press release, the TradeLens service allows its clients to send vital information, securely, to those involved in the port process, so the data runs from one point to another in the supply chain, which helps the data not to be diverted at any time and form a range of ways of collaboration. This will improve trade flows between ports around the world.
The General Director of the Port of Salalah, Mark Hardiman, explained that the incorporation of this technology into the port will allow opening new business models to take advantage of the potential of its location.
“The adoption and incorporation of Blockchain technology in all aspects of the supply chain will not only increase Salalah’s appeal to these companies but will also support the development of new business models that can further take advantage of Salalah’s geographic location”, Hardiman said.
Since the birth of this platform in 2018, its incorporation into transport services in different aspects has achieved its wide recognition, processing to date a total of 10 million maritime events per week. The Port of Salalah in Oman is not the only one incorporated into this system recently, since Vietnam’s international terminal, CMIT, also joined the platform to attract foreign trade investment for the country.
By María Rodríguez