Cai Mep International Terminal (CMIT), one of the largest terminals in Cai Mep has become a member of the blockchain community. They have joined the blockchain platform developed by Maersk and IBM, the TradeLens digital platform.
CMIT already has integrated e-solutions to some of its daily operations such as e-cargo ande-invoice. They are now joining TradeLens with the sole purpose of bringing in a new digital platform that will enhance their service delivery.
According to Jan Bandstra, General Director, CMIT, joining TradeLens facilitates quick updates on cargo data which in turn supports the customerâ€™s efficiency in terms of supply chain planning.
The CMIT Deputy General Director, Nguyen Xuan Ky, added that there is a need for close tracking. He said this giving an illustration of a seafood vessel from Vietnam to the United States with more than 30 shipping milestones and shipment data exceeding 10 relevant entities. He also mentioned that real-time information shared at different stages in the global supply chain would increase the efficiency of global trade flows.
CMIT currently can accommodate mainline vessels with a capacity of up to 94,000= dwt/21,500 TEU and connects Vietnam directly with the main markets in Asia, Europe, and North America.
The TradeLens platform will bring together all the stakeholders in the supply chain including government authorities, cargo owners, inland transportation providers, customs, freight forwarders among others.
It is a project developed in collaboration between IBM and Maersk. It applies blockchain technology to the global supply chain.
This means that there is end to end supply chain information that allows data sharing, collaboration, and efficient trade flows. This is an open and neutral platform that will definitely transform trade.
Currently, TradeLens is supported by more than 100 organizations in the industry such as Hapag-Lloyd, PSA, CMA CGM, APM Terminals among many others.
Blockchain technology offers a solution when it comes to cross border trade issues and many shipping firms, trading agencies, and governments have employed different means of sorting the issue. Blockchain technology serves as a means of digitizing and enabling real-time verification of shipping information and certifications.
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