Standard Chartered Becomes First Bank to Join TradeLens, Ushering in Blockchain Era for Shipping

Standard Chartered Takes a Bold Step

In a groundbreaking move, Standard Chartered has made history by becoming the first bank to join TradeLens, the innovative global blockchain platform established by IBM and the Danish shipping powerhouse, Maersk. This exciting announcement was made on March 10, with the bank’s global trade chief, Michael Spiegel, emphasizing how digital ecosystems like TradeLens can significantly bolster the sustainability efforts of various stakeholders in international trade.

Understanding TradeLens: A Game Changer in Shipping

Launched back in April 2018, TradeLens is designed to revolutionize the world of containerized freight and logistics. But how does it work? It utilizes standards-based open APIs to ensure that supply chain data is tracked and shared immutably via a permissioned blockchain. Think of it as a digital superhero, ensuring that your shipping data is as safe as a secret recipe.

The Power of Real-Time Updates

By joining TradeLens, Standard Chartered will unlock the ability to validate shipment authenticity in real-time. This is made possible through the secure exchange of documents between various networked entities involved in the shipping process. Gone are the days of frantic phone calls and missed shipments; simply put, it’s like having a Netflix for your cargo!

A Growing Network of Participants

Before Standard Chartered’s illustrious entry, the TradeLens family already boasted over 150 members. This includes a diverse mix of international port and terminal operators, ocean carriers, customs authorities, logistics firms, and even cargo owners. The platform has impressively processed data on more than 15 million containers worldwide—imagine the number of spreadsheets that would take!

Connecting the Dots: Streamlining the Trade Ecosystem

Aarthi Fernandez, Standard Chartered’s COO for trade in Singapore and Southeast Asia, highlighted the challenges of the current trade ecosystem. According to her, the sector faces cumbersome processes, slow turnaround times, and a mountain of paperwork, making it a significant headache for everyone involved. Thanks to TradeLens, these pain points could soon become history.

TradeLens Expands Its Reach

The TradeLens consortium is not only expanding with banks but also welcoming various government bodies. Just last month, Indonesia’s customs department became the 11th agency to join. Along with entities from Thailand, Canada, and Azerbaijan, they are paving the way for a more connected and efficient trade landscape. Additionally, the U.S. Federal Maritime Commission gave an antitrust exemption to five U.S.-based TradeLens members, allowing them to share supply chain event data more freely. It’s like the Avengers of trade coming together for a common cause!