Port of Montreal and CBSA launch blockchain trial for trade digital transformation
The Port of Montreal, and the Canada Border Services Agency (CBSA) have launched a trial using blockchain to streamline freight shipping.
CBSA and Canada’s second largest port have joined the TradeLens solution, which has been developed by Maersk and IBM.
The solution uses blockchain technology to promote efficient and secure trading, aiming to for digital transformation in the sector.
“We are convinced that joint work on a global scale is part of the key solutions to achieve a better flow of information and goods for the benefit of clients and partners,” remarked Sylvie Vachon, President and CEO of the Montreal Port Authority.
“TradeLens is fully aligned with our objectives and business strategy centred on innovation and efficient shipping.”
The technology solution will enhance the port’s business intelligence to better resource planning.
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“With TradeLens, the Port of Montreal will be better able to control delivery and operation schedules, provide easier access to clearance and billing documents and bring greater fluidity, efficiency and transparency to international shipping,” commented Jack Mahoney, President of Maersk Canada.
The destination port has five container terminals as well as its own railway within the grounds of the port.
“We believe blockchain can play an integral role in digitizing and reinventing shipping for organizations like the Port of Montreal, who are responsible for processing over 38 metric tons of cargo annually,” stated Ayman Antoun, President of IBM Canada.
“TradeLens provides a common approach to building a strong, secure and connected digital shipping network that benefits all participants equally.”
“Our work with Maersk has shown that blockchain can be used to transform a vital part of how global trade is conducted as members like the Port of Montreal and CBSA begin to interact more efficiently, securely sharing important transactions through real-time access to shipping data and shipping documents.”