Canadian border authority CBSA wants to rely in the future on blockchain software from IBM. The trade platform TradeLens aims to monitor cross-border trade flows and thus streamline their administration, according to a recent press release. TradeLens was developed in 2017 by IBM, together with container giant Maersk, as a project for the entire retail industry. So far, however, the platform still fails because of its claim to digitize global container logistics.
Thanks to trade agreements such as TPP, CETA or the recent USCMA, Canada is one of the world’s leading trading nations. On the Canadian borders is bustling. In addition to cars and industrial products, Canadians mainly import oil from the USA, the EU and China. That means nearly 15,000 truckloads a year, more than 400,000 postal and courier shipments, and more than 88 billion customs duties to monitor and register.
To simplify these administrative processes in the future, the Canadian border authority Canada Border Services Agency, CBSA short, now wants to bet on the Blockchain platform TradeLense. This emerges from the latest press release from the agency. TradeLense was launched last year by IBM and the Danish container giant Maersk and presented to the public in August. The goal of the platform is to secure the supply chains of global trade flows using distributed ledger technology (DLT).
With TradeLense, the Canadian border management is now also easier to handle, explains CBSA head John Ossowksi.
“TradeLens can provide a trusted digital supply chain for all imports to Canada […] which push Canada’s economic power forward,”
so Ossowski. He praises the project that will help to monitor goods traffic in the future:
“This evolution is an example of how the Canadian government is using innovative technologies to promote trade in a safe and easy way.”
Canada relies on blockchain technology
The Border Agency’s move, however, reflects the general blockchain trend in the Great White North. For example, the port of the provincial capital Montreal announced last week that it also wanted to participate in TradeLens.
Furthermore, the blockchain in the northern latitudes enjoys much popularity from Canadian banks. The National Bank of Canada recently announced that it was testing smart contracts for managing transactions. Another witness to the blockchain trend is the financial consortium Jasper . In competition with SWIFT, the project aims to make financial transactions more efficient, especially in the interbank market.
In the meantime, similar to the European North, Blockchain companies especially value the low energy prices of the country.
Maersk & IBM: TradeLens limps
With two new members this week, TradeLens itself is much less rosy. Just a year ago, the trading platform was founded with the aim of digitizing the entire trading and, above all, container industry. Currently, a total of 94 companies have joined Maersk. So far, however, the Danes have been able to win with Pacific International Lines (PIL) only a single industry competitors as a member.
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