TradeLens joins a select group of pilot participants to guide the development and adoption of innovative solutions intended to improve the flow of goods in the industry as part of the 2025 UK Border Strategy.
As one of six consortia for the UK government’s Ecosystem of Trust pilots, TradeLens will play a vital role in validating, refining, and testing a new innovative model that will advance the way the UK border operates.
“We are proud to be among the collective effort of the participants helping drive digital advancements for the purpose of increasing the efficiency, speed, and safety of trade borders,” says Tomas Sproat, Global Head of Network at TradeLens.
“Our contribution to the Ecosystem of Trust concept will be the platform's ability to seamlessly facilitate trade without jeopardizing security and ensuring immutable trusted data between the buyer, seller, logistics intermediaries, and government.
TradeLens joins this initiative, providing customs authorities and other trade regulators with unparalleled visibility and improvement to their operational compliance, using digitized documents to expedite clearance processes on a secure network.
TradeLens is an open and neutral industry platform underpinned by blockchain technology and supported by major players across the global shipping industry. The platform promotes the efficient, transparent, and secure exchange of information in order to foster greater collaboration and trust across the global supply chain. To date, it has tracked over 55 million containers and their associated 4.7 billion events.
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.