Maritime shipping firms Ocean Network Express and Hapag-Lloyd have joined blockchain tracking platform TradeLens, financial news outlet The Wall Street Journal reports on July 2.
The Japan-based Ocean Network Express and Germany-based Hapag-Lloyd will join the TradeLens platform launched by Danish logistics conglomerate A.P. Moller-Maersk and tech behemoth IBM.
As Cointelegraph reported at the time, the world’s second-largest shipping company Mediterranean Shipping Co (MSC) and fourth-largest container shipping firm CMA CGM, have joined blockchain shipping platform TradeLens in May.
The platform aims to reduce paperwork and associated costs and time in the logistics industry — which reportedly accounts for $4 trillion — with over 80% of the goods carried by the ocean shipping sector.
Martin Gnass, managing director of information technology at Hapag-Lloyd, commented on the development:
“Now, with five of the world’s six largest carriers committed to the platform, we can accelerate that transformation to provide greater trust, transparency and collaboration across supply chains and help promote global trade.”
As Cointelegraph recently reported, Russian authorities have signed an agreement with Danish logistics giant Maersk to officially launch the blockchain shipping platform TradeLens in Russia last month.
Earlier today, also Swiss-headquartered food retail giant Nestlé announced its intention to track its products along the supply chain with blockchain technology.