South Asia Gateway Terminals (SAGT) has become the first private Sri Lankan container terminal to join hands with a blockchain trade platform TradeLens, which is run jointly by IBM and Maersk. This was revealed by Maersk themselves in an announcement on July 16, which said that the collaboration and incorporation of blockchain would help SAGT to move over traditional paper-based documentation.
Ted Muttiah, Chief Commercial Officer of SAGT
“The collaboration with TradeLens is a very important step forward in strengthening our digital agenda and staying ahead of the curve when it comes to digital transformation. SAGT is a flagship company on the Board of Investment in Sri Lanka, and we are excited to be a part of the digital journey that TradeLens offers the Sri Lankan shipping and logistics industry.”
SAGT is believed to benefit highly from the use of blockchain to get rid of unnecessary paperwork and streamline the data collection and use given the terminal is responsible for processing more than 2-million twenty-foot containers every year.
With the incorporation of blockchain, all the paperwork would be digitized, and operators would be able to record a variety of information regarding shippers, shipping lines, ports, and other entities involved in the supply-chain business.
TradeLens believe that its technology would make the whole process at SAGT more efficient and thinks it would also bring more transparency in the container flows.
Bimal Kanal, Head of TradeLens South Asia, commented on their partnership and said:
“TradeLens is an open and neutral platform that is digitalizing the global supply chain ecosystem. With SAGT coming on board, we have an important partner in South Asia, which beliefs in our efforts of bringing efficiencies in logistics and thus helping our customers in bringing down the cost of logistics.”
TradeLens has managed to gain quite a following and fame in just two years of its launch. The blockchain firm has managed to partner with some of the most notable container terminals and port operators around the globe.
Earlier this year in May, TradeLens also inked deals with Adani Ports, a multi-port operator in India, along with Special Economic Zone Limited. In July, the blockchain platform also joined hands with Oman’s most significant port Port of Salalah.