Many companies dedicated to trading in Valencia, Gandía and Sagunto will implement distributed accounting books. The objective is to save time and resources
An organizing import solution based on blockchain technology seeks to promote improvements in the daily management of 80 kilometers in the Mediterranean coast. The implementation chases the reduction of manual processes at the main port of Spain, located in Valencia.
TradeLens is the name of the project that will allow users to get involved with a trade in getting access to public information and documents in real time. Gandía, Sagunto, and Valencia are the three ports of Spain which will adopt the platform. Valenciaport, the authority in this field, made the announcement on November 6th.
It is possible thanks to an agreement between Maersk and IBM, a blockchain-compatible shipping designed to promote a more efficient and secure global trade. The strategic alliance ensures respect for privacy and confidentiality of data.
TradeLens network participants share a unique view of the different processes that make possible the commercial transaction. This includes all the agents involved in imports and exports, such as customs, transporters and shipping companies.
This type of system works on digitizing the entire supply chain in order to reduce the time of shipping up to 40%. In the beginning, a large part of the companies dedicated to trading in Valencia, Gandía and Sagunto will interact with a distributed accounting book, managed by a network of private nodes.
The blockchain network devised by Maersk and financed by IBM needs more operators to work. For this reason, transport companies, which are the responsibility of Maerks, form a solid network of participants to integrate a bigger work team.
However, it is a product recently launched by both companies. In the future, there is a possibility they will be able to modify their proposal and make it more attractive for heavyweights of container shipments around the world.
The initiatives related to the management of blockchain have been increasing during the last years. In Latin American, there is some similar inventiveness, such as that of the Port of Veracruz, Mexico, which proposes to implement its own national blockchain. In Uruguay, the Gurucargo company is committed to the insurance management of cargo through Tiidan.
Jose García de la Guía, Head of New Technologies in the Port Authority of Valencia, participated in a conference with the representative of the most important ports. He said: “From Valenciaport we raised the use of the blockchain as a strategic option to give visibility, end to end, of the logistics chain going even beyond our PCS. That is, we contemplate giving service to both companies that are incorporated into our Port Community Systems. For those that are not, we will achieve this with technologies in the cloud, exposed to the need for permanent adaptation to change”.
He also explained: “We are going to a port without papers, with a powerful technological component and in any part of the world; what takes us to have a new PCS platform, without technical limitations or growth, to offer new services and improve the existing ones to a port community in continuous growth with new conditions for optimizing infrastructure resources, reducing development times and maintenance cost”.
At least 234 ports worldwide are part of the ports ecosystem that focuses their operations on the TradeLens platform. Among the hundreds of ports, the most important are the ones in Spain, the Port of Bilbao, the Modern Terminals in Hong Kong, the Port of Rotterdam and Holt Logistics operators in the Port of Philadelphia.
By María Rodríguez