International Container Terminal Services Inc. (ICTSI) has now signed its 31 terminals into a blockchain platform called TradeLens to gain access to information about cargo movements, which will allow its ports, cargo owners, and carriers to create more efficient asset plans for their operations.
Brian Hibbert, who sits as vice president at the global port operator, explained that the platform, which was developed by IBM and Maersk, will provide his group greater capacity for rapid innovation and service improvement.
“We are now testing the system and transferring information about loading and discharge of cargo, berthing of vessels to the blockchain platform. After complete integration of the system, we will be able to optimize work with regulatory authorities, improve our terminals’ visibility to what is coming to them as well as receive updates from the sea carriers online,” he said.
There are about 175 organizations that are included in the TradeLens platform. Through the ecosystem, stakeholders are able to process near real-time data from over 600 ports. To date, it has tracked 30 million container shipments, 1.5 billion events and roughly 13 million published documents.
“The broadening geographic scope of the platform is bolstered by the addition of ICTSI and provides new opportunities for TradeLens participants as the ecosystem continues to expand rapidly. We are excited to welcome ICTSI and eagerly await the creation of new ways of working for shippers and consignees that indirectly utilize their services,” said Thomas Sproat, TradeLens Director of Network Development.
He explained that the platform also enables cargo owners and carriers to send associated trade documents to “permissioned parties,” using blockchain technology to reduce the processing time of traditional paper documents, making it faster and easier to issue bills of lading for cargo, sanitary certificates, invoices for payment and other types of documentation.
ICTSI, owned by billionaire Enrique K. Razon, operates and manages ports in 19 countries.
The company recorded a flattish net income in January to September, booking $182.6 million in net income attributable to equity holders from the $184.9 million. Its revenue from port operations stood at $1.1 billion, also flat from the year prior, while it maintained lower cash operating expenses at $331.6 million.