An IBM spokesperson told Cointelegraph the addition of the Port of Salalah puts TradeLens at more than 90 ports and terminals, with over 150 participants in total on the platform.
According to the Times, The Port of Salalah is Oman’s largest port, handling a record number of 4 million shipping containers per year. The port reportedly joins TradeLens as part of its digital initiative to enhance customer experience while ensuring a global, transparent standard for collaboration with other entities in the supply chain ecosystem.
TradeLens, which is powered by IBM’s blockchain technology, enables multiple trading partners to collaborate. The platform provides a real-time, shared view of shipping transactions and data across a permissioned blockchain network. This creates transparency and efficient collaboration for all entities involved, including shippers, shipping lines, freight forwarders, port and terminal operators, inland transportation and customs authorities.
The Times notes that joining the platform provides special purpose ships and its customers the ability to securely provide end-to-end supply chain information, seamless data sharing and new avenues for collaboration. As a result, this will improve trade flows through the port.
Mark Hardiman, the Chief Executive Officer of Port of Salalah explained:
“Adopting and incorporating blockchain technology into all aspects of the supply chain will not only enhance the attractiveness of Salalah for these companies but also support the development of new business models that can further leverage the geographical location of Salalah.”
TradeLens, which processes over 10 million shipping events weekly, has gained significant traction since the platform was launched in 2018. One of the largest international terminals in Cai Mep Vietnam, CMIT, recently joined the platform to promote Vietnam’s foreign trade investment.
TradeLens also received an antitrust exemption from the US Federal Maritime Commission to allow shippers to publish and subscribe to event data on cargo moving through a supply chain. This exemption also authorizes APis and user interfaces to enable the viewing of event data, milestones, documents, and to manage user permissions. Without this, the discussion of how documents might be used on the platform would be considered illegal.