Hapag-Lloyd and Ocean Network Express (ONE), the world’s fifth and sixth largest ocean carriers, signed onto TradeLens, the blockchain platform for ocean shipping founded by Maersk and IBM.
Shipping blockchain TradeLens, developed by IBM and Maersk, recruited two major marine cargo carriers to the platform: Mediterranean Shipping Company (MSC), the second largest after Maersk; and CMA-CGM, the fourth largest per cargo carrying capacity.
The TradeLens platform will employ smart contract services for complex shipping solutions to further streamline the global supply chain.
The Insurwave platform supports more than half-million automated ledger transactions and will manage risks for more than a 1000 commercial vessels in the first year of its deployment.
The companies have announced plans to launch a new distributed ledger platform that is expected to change and improve the global logistics industry.