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International Container Terminal Services Inc. (ICTSI) has now signed its 31 terminals into a blockchain platform called TradeLens to gain access to information on freight movements, which will allow its ports, freight owners and carriers to create asset plans. more efficient for their operations.
Brian Hibbert, vice president of the global port operator, explained that the platform, developed by IBM and Maersk, will provide his group with greater capacity for rapid innovation and improvement of services.
“We are now testing the system and transferring information on the loading and unloading of cargo, the docking of ships to the blockchain platform. After full system integration, we will be able to streamline work with regulators, improve our terminals’ visibility on what’s coming and receive updates from online shipping carriers, ”he said.
There are around 175 organizations included on the TradeLens platform. Across the ecosystem, stakeholders are able to process data in near real time from over 600 ports. To date, it has tracked 30 million container shipments, 1.5 billion events and approximately 13 million published documents.
“The broadening of the geographic scope of the platform is reinforced by the addition of ICTSI and offers new opportunities for TradeLens participants as the ecosystem continues to expand rapidly. We are excited to welcome ICTSI and look forward to the creation of new ways of working for shippers and recipients who indirectly use their services, ”said Thomas Sproat, Director of Network Development at TradeLens.
He explained that the platform also allows freight owners and carriers to send commercial documents associated with “authorized parties”, using blockchain technology to reduce the processing time of traditional paper documents, making it faster and easier to issue. bills of lading for goods, health certificates, payment invoices and other types of documentation.
ICTSI, owned by billionaire Enrique K. Razon, operates and operates ports in 19 countries.
The company posted a flat net profit from January to September, posting net income of $ 182.6 million attributable to equity holders of the $ 184.9 million. Its port operations revenue stood at $ 1.1 billion, also unchanged from the prior year, while it maintained lower cash operating expenses at $ 331.6 million.
