Oman’s Largest Port Joins Blockchain Shipping Platform TradeLens

by Admin
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Oman’s Largest Port Joins Blockchain Shipping Platform TradeLens

The Port of Salalah recently became a member of the shipping data project as a part of its digital transformation efforts, consistent with a report within the Times of Oman on Wednesday.

The platform enables companies along the shipping supply chain to share data on cargoes in real time over its permissioned blockchain, ultimately getting to bring improved transparency and efficiency to international trade. consistent with the days , the port is functioning with other entities within the supply chain to digitize its operations and sees TradeLens as how to bring a worldwide transparency standard to shipping operations.

"Adopting and incorporating blockchain technology into all aspects of the availability chain won't only enhance the attractiveness of Salalah for [ecosystem] companies but also support the event of latest business models which will further leverage the geographical location of Salalah,” said Mark Hardiman, CEO of Port of Salalah.

Launched in 2018, the TradeLens project has seen some reluctance from shipping firms to check in , partly thanks to the way the venture was found out to favor the founding companies. However, changes to its business structure have prompted variety of major carriers to return aboard within the last year.

The platform now has quite 100 participants – including five of the six largest container shipping firms also as port operators and regulators – and is processing over “10 million discrete shipping events and thousands of documents hebdomadally ,” consistent with previous statements from Maersk.

Last August, Thailand's customs agency was reported to be integrating with TradeLens to streamline its shipment tracking procedures.

The project also received an antitrust exemption from the U.S. Federal Maritime Commission. That arose to clear the project from legal restrictions in cooperation between shipping companies mandated by the U.S. Shipping Act of 1984.

The Port of Salalah recently broke its own record, handling yearly volume like four million shipping containers, consistent with the days .