A blockchain platform called TradeLens will be implemented for increased transparency in the shipping contracting procedure of Russia. The Port of St. Petersburg is the main container gateway across Russia. It will be a part of this TradeLens implementation. Participants will be helped in connecting, sharing information and joining hands with others in an ecosystem called container logistics supply chain ecosystem through TradeLens.

Maersk is recognized as the largest container shipping company across the world who has signed an agreement called Memorandum of Understanding (MoU) with a Russian government body called the Russian Ministry of Transport for this TradeLens implementation. The Chief Executive Officer (CEO) at Maersk Søren Skou and the Deputy Transport Minister & the Head of Federal Maritime and River Transport Agency Mr. Yuriy Tsvetkov actually signed the agreement.

The Chief Executive Officer (CEO) and the Head of the blockchain platform TradeLens for Maersk GTD Inc. Mike White said, “TradeLens offers unprecedented benefits to all parties involved in the transportation process by bringing full transparency of cargo moves, while enabling seamless, secure sharing of real-time actionable supply chain information to all involved participants. The TradeLens platform fosters collaboration and trust while improving user experience and lowering costs through digitisation. We are pleased to now start this journey in Russia, to expand the reach and value of our platform and its data to all participants.”

TradeLens has 100+ participants. 10+ million discrete shipping events are processed through TradeLens. The participants can interact with each other related to shipping data access in real-time and efficiently than before. A common view related to transactions is provided to shippers, carriers, freight forwarders, customs officials, etc.

The Maersk Global Trade Digitisation (GTD) Inc and a computer hardware company called IBM have together created the blockchain platform TradeLens. Facilitating trades internationally was an expectation behind the creation of TradeLens. Maersk Global Trade Digitisation (GTD) Inc is a subsidiary of Maersk. TradeLens is recognized as an open and neutral industry platform. Leading players from the global shipping industry support TradeLens. An efficient, transparent and secure exchange of information is promoted through TradeLens, according to the official site of Maersk reported.

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