The IBM development is unarguably one of the leading bodies driving global adoption, with the development of a blockchain platform built with flexibility and ability to run on any cloud. The blockchain platform allows upcoming projects to build, operate, govern and grow blockchain solutions across any computing environment through its blockchain technological advancement.
IBM successfully introduced its TradeLens platform in partnership with the Danish transport giant, Maersk in 2018. TradeLens has recorded huge success, partnering with major organizations and government agencies across the world due to its ability to deliver services such as cross border goods shipping at a faster rate.
Blockchain taking the Centre Stage
With blockchain gaining more followers and the adoption race picking up pace, many organizations, countries, agencies, and more seem to be jumping on the blockchain train before they get left behind with IBM blockchain technology in the forefront of delivering products that are needed by upcoming blockchain projects to strive. Recent news coming from Indonesia, revealed that after several months of working towards implementing a new partner on its platforms, the Indonesian Customs and Excise Department have announced that it would make use of IBM TradeLens technology.
Indonesia’s customs department is set to be the 11th government agency to be part of the TradeLens consortium after the realization of the benefit and advantage of making use of the TradeLens platform, other countries whose custom departments have partnered with TradeLens includes Thailand, Canada, Azerbaijan, among others.
The effects of customs agency deploying IBM TradeLens technology
The company’s stated goal is to facilitate faster trade and to eliminate altogether paper-based verification processes thereby paving the way for quicker trade and customs validation
By digitizing the supply chain industry using blockchain, the country stands to boost its production potential by around fifteen percent (15%), which is a substantial figure in an industry driven by extremely thin margins
The president/director of IBM Indonesia, Tan Wijaya is optimistic that the partnership with Indonesia’s custom departments will be beneficial to all stakeholders in the entire logistics ecosystem and it will encourage the overall modernization of trade.
The company’s stated goal is to facilitate faster trade and customs verification and eliminate paper-based processes which are in line with Indonesia’s custom and excise service.
As TradeLens continues to onboard new projects and partnership with other organizations, its platforms which allows supply chain data to be immutably tracked and broadcasted using a permissioned blockchain. The company’s highlighted objectives are to facilitate faster trade and customs verification and also to eliminate completely the strenuous paper-based procedures. Other constraints include the inability to provide a comprehensive risk assessment, complex promotion, inefficient and expensive stakeholder communication, and lack of transparency.
IBM initially launched TradeLens in partnership with Danish transport conglomerate Maersk during August, 2018. Earlier this month, Maersk estimated that approximately 10 million supply chain events are being tracked on TradeLens each week which points to how successful the platform is turning out to become.
Early February, The United States Federal Maritime Commission granted an antitrust exemption to five US-based members of the TradeLens consortium to be able to share data in regards to American supply chain events with the agreements between the five (5) parties coming into effect on 6th February,2020.
Regulators from Indonesia embrace Blockchain
It is worth noting that TradeLens Partnership with Indonesian custom authorities is not the first venture of the country’s positive nature towards the adoption of blockchain and its technologies.
The recent partnership announcements between TradeLens and Indonesia customs departments comes three weeks after Indonesia’s oldest cryptocurrency exchange, Indodax formerly known as bitcoin.co.id, received full license from the country’s Commodity Futures Trading Regulatory Agency (BAPPEBTI) to operate in the country.
This and other partnerships of blockchain projects in Indonesia shows that the country is primed and set to grow along with the new blockchain technologies.
Source: Alo Kingsley, Business Blockchain HQ, 7 March 2020