An agreement has been signed by the port authority of the bay of Algeciras (APBA), whereby it will collaborate with IBM on its shipping platform in the name of Tradelens.
Tradelens is a blockchain technology that operates on a digital platform, it was developed by the popular international shipping giant Maersk and IBM.
One of the top 10 busiest port of Europe in the name of Algeciras hosts about 70 million tons of cargo traffic annually and it had a container of about 4.3 million in 2017.
The trading digital platform which is Tradelens will enable the port authority of the bay of algeciras (APBA) to efficiently and exchange information and documentation between partners within a supply chain and also to make sure it is well secured.
The digital platform will also generate value for the logistics operators, the shipping companies, the freight forwarders and even the shippers.
According to an European newspaper, Tradelens registered about 230 million shipments and processed more than 20 million containers as at the end of 2018.
Some of the leading port operators has started to use the blockchain technology to streamline their operations. The Port of Rotterdam in the
Netherlands partnered with one of the major Dutch bank in the name of ABN AMRO, and also the IT subsidiary of Samsung to test blockchain for shipping in October 2018.
One of the leading port operator in the UK in the name of the Associated British Ports also signed an agreement in September 2018 with the digital logistics enabler, Marine Transport International and the aim was to develop blockchain for port logistics.
There are other several leading port operators that are using the blockchain technology to streamline their operations.