Bangladesh/Hong Kong – Citi Treasury and Trade Solutions (TTS) Asia Pacific has completed its first pilot paperless trade finance transaction using the TradeLens platform. Leveraging blockchain technology supplied by TradeLens, the pilot illustrates the effectiveness of the technology to improve supply chain efficiency by significantly reducing document processing lead times.
TradeLens successfully completed an innovative letter of credit transaction with HSBC and Syngenta, using a digital bill of lading underpinned by blockchain technology. This milestone demonstrates an important step in modernizing trade finance and supply chain efficiency across the global trade ecosystem.
Hapag-Lloyd and Singapore-based Ocean Network Express (ONE) Pte. Ltd. announced they have completed integration onto the TradeLens platform, helping ensure a more timely and consistent view of logistics data for their containerized freight around the world.
Within a month of announcing general availability of the TradeLens platform in China, more than 10 new members have joined the ecosystem to digitize paper-based processes and improve the visibility for Chinese companies into global trade
Connecting to Tradelens, a blockchain platform jointly developed by IBM and Maersk, all ICTSI terminals gain permissioned access to accurate information on cargo movements well in advance of vessel arrivals.
CMA CGM and MSC complete TradeLens integration and join as Foundational Carriers working with the IBM and Maersk shipping platform to Improve data sharing across the industry.
With two more major shipping leaders actively sharing information, data on nearly half of the world's ocean container cargo is now available on a single blockchain-based data platform.