Thailand Customs Introduces Blockchain Platform to Improve Trade
The Customs Department of Thailand will use TradeLens, a blockchain-based “shipment tracking and information sharing platform,” to improve customs procedures, according to an Aug. 29 report from the Bangkok Post. TradeLens, which is also used by Singapore, is an online…
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trade platform that “enables efficient and accurate” tracking of cargo and information sharing, the report said. TradeLens will allow customs authorities to see shipping data when containers leave the port of origin, which will allow for more time to prepare for the shipments and speed up inspections, the report said. The blockchain technology may increase “trust among trading partners because the record of all transactions is shared within the network and permissioned parties can access the data in real time,” according to the report. TradeLens was developed by AP Moller-Maersk and IBM. Thailand Customs has been working on integrating TradeLens with IBM since October 2018, the report said. “The platform will be implemented at Laem Chabang port in Chon Buri first and later at Bangkok port,” according to the report.