The second largest container terminal operator in Hong Kong, Modern Terminals participates in TradeLens project, jointly developed by A.P. Moller–Maersk and IBM. The goal is to adopt blockchain to the world’s global supply chain, the press release said.

Peter Levesque, Group Managing Director of Modern Terminals Limited said, “TradeLens uses blockchain to create an industry standard for the secure digitisation and transmission of supply chain documents around the world.

“This initiative will generate tremendous savings for our industry over time while enhancing global supply chain security. Modern Terminals is pleased to participate as a Network Member in testing this exciting shipping industry innovation.”

The objective of Modern Terminals’ participation as a Network Member is to evaluate the performance of TradeLens and make suggestions in terms of how the technology can further improve. TradeLens said during the trial run the shipment time reduced by 40%, resulting in an economical measure for the participants. The supply chain participants have been able to “broadcast the status of a container in supply chain in real-time” with the use of digital ledger, reports CCN.