Standard Chartered Bank joins Blockchain-powered Shipping platform, TradeLens

Standard Chartered Bank has joined blockchain-powered digital shipping platform, Tradelens.

The TradeLens platform was jointly developed by A.P. Moller - Maersk and IBM. TradeLens helps modernize the world’s supply chain ecosystems. The platform aims to lower existing costly and paper-based processes for transporting and trading goods.

The platform already has more than half of the world’s Ocean container cargo. Standard Chartered Bank is the first financial institution to enter a formal agreement to leverage this platform. Additionally, TradeLens has processed over 15 million containers worldwide to date and has 150+ members, notes the announcement.

Executive Opinion

Global Head of Trade, Standard Chartered Bank, Michael Spiegel, said, "As a critical link in the global supply chain ecosystem, Standard Chartered Bank plays a crucial role in supporting global trade transactions. Supply chains are continuing to become more international, drawing on many parties from around the world. Digital ecosystems have the potential to promote the sustainability agenda of many participants in international trade."

VP of Global Trade Solutions, IBM, Todd Scott, said, "The initiative with Standard Chartered Bank exemplifies how the global trade ecosystem can work together to advance trade digitisation efforts on both the physical and financial side. Working with all of the ecosystem partners, our goal is to accelerate the standardisation and automation of global trade."

Standard Chartered and TradeLens platform

Blockchain network helps in sharing the immutable record of all the transactions. It is also possible to create permisioned blockchain network so that only relevant parties access to secured data and that too in real-time.

Being part of TradeLens, it is now possible for Standard Chartered Bank to instantly validate the authenticity of shipments and protect the integrity of transactions. Standard Chartered Bank will leverage records of real-time data and document exchange amongst the network of entities involved in a shipment.