The Customs Department of Thailand, an agency under the country's Ministry of Finance, has turned to blockchain platform TradeLens, jointly developed by IBM and Maersk.
The initiative is to modernize trade and support Thailand 4.0 Policy, the department announced Wednesday. TradeLens will provide, "an automatic and immutable tracking tool, which will lead to a more secure, transparent, efficient and simpler workflow," said Patama Chantaruck, managing director of IBM Thailand.
The global acceptance of eBL is in motion, how can MLETR and other legislative initiatives help?
We sat down with senior global trade experts, Diana Jones, Director of Solution Architecture, and Juanjo Ruiz, Strategy and Business Development at TradeLens to discuss the proliferation of electronic bills of lading (eBL) and the disruption of blockchain as an emerging technology with a substantial opportunity to support banks with unlocking a $3.4 trillion trade gap in the trade finance market. The following is a Q&A on these topics.
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.