IBM TradeLens set to transform India’s supply chain
In pandemic ridden times, global supply chains are in dire need of automation. And what better than leveraging IBM TradeLens, a revolutionary blockchain platform jointly developed Maersk and IBM, to hit the ground running.
In March, IBM TradeLens added Standard Chartered bank to its ranks to cross-check shipments’ legitimacy in real-time and tackle some long-standing issues concerning turnaround times and manual errors.
So far, many countries have turned to the IBM TradeLens blockchain solutions to transform their supply chains, including Indonesia, Thailand, and Singapore. Now, India has decided to jump on board too.
IBM TradeLens to digitize India’s shipping industry
Following the partnership deal, Adani’s cargo management facilities at numerous ports, including Mundra, Dahej, Vizag, Ennore, and Mormugao, will deploy IBM TradeLens blockchain for better transparency and efficiency in tracking shipments.
Much like in other countries, in India, too, the coronavirus pandemic has exposed some significant gaps in the country’s supply chain. This industry is otherwise known to heavily rely upon massive amounts of paperwork, manual entries, and manipulation for clearance of goods.
As a logistics official states, the pandemic has compelled the industry to seek help from technology and undergo digitization. The mindset of the people involved has to change now more than ever, he insisted.
The IBM TradeLens integration essentially replaces all the hard and time-consuming labor work and cumbersome administrative processes with quick and efficient digital processes backed by blockchain technology.
Huge scope for improvement
Its open-source and industry-neutral blockchain solutions are supported by major industry players such as Mediterranean Shipping and CMA CGM, to name a few. They foster greater transparency and enhanced security among all the stakeholders involved in a supply chain process, thus instilling trust and credibility.
A recent study on Total Transport and Logistics Costs (TTLC) shows that digital transformation, which drastically improves supply chain visibility and workflow processes, could save up to $860 million annually for India’s supply chain industry.
Using IBM TradeLens, customers officials in India would get a real-time update on shipments and documents, thereby fast-tracking the whole process of assessments and approvals for everyone. It is likely to be a game-changer for the Indian shipping industry as the information will be received weeks prior as opposed to usual delays.