Shipping Blockchain Initiative Gathers Steam

By WSJ City 

A blockchain initiative for seaborne cargo aimed at cutting costs and improving tracking of shipments is getting a boost with the addition of two big container shipping operations.

KEY FACTS

--- Hapag-Lloyd and Ocean Network Express said they will join the TradeLens platform.

--- The platform was launched by Moller-Maersk and IBM.

--- Five of the world's six largest carriers are involved, controlling about 60% of ocean container cargo capacity.

--- Mediterranean Shipping Co. and CMA CGM joined the effort in May.

"Now, with five of the world's six largest carriers committed to the platform, we can accelerate that transformation to provide greater trust, transparency and collaboration across supply chains and help promote global trade."

Martin Gnass, managing director of information technology, Hapag-Lloyd

Why This Matters

Many companies, including transportation operators and freight forwarders that manage the flow of goods, have been reluctant to share detailed information about shipments, which often are handled by multiple cargo companies, for fear that competitors will use the data to lure away customers.

The blockchain platform seeks to overcome that concern by allowing only trusted participants who contribute information to a common electronic ledger.

A fuller story is available on WSJ.com

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(END) Dow Jones Newswires

July 03, 2019 04:47 ET (08:47 GMT)

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