The largest multi-port operator of India, Adani Ports and Special Economic Zone Limited (APSEZ), has partnered with the blockchain-based supply chain solution platform TradeLens.
APSEZ plans to integrate TradeLens’s blockchain solutions across 10 of its major courier management facilities across ports in six Indian states — four in Gujarat and one each in Odisha, Tamil Nadu, Goa, Chennai, Andhra Pradesh and Kerala.
Digitizing to curb supply chain shortcomings exposed by the pandemic
According to the local business news outlet, Business Line, APSEZ’s move to digitize its supply chains comes as an effort to reduce the impact of vulnerabilities of the traditional current supply chain system. The ongoing Covid-19 pandemic exposed the drawbacks of the present supply chain that heavily relies on paperwork and manual processes.
The report quoted an unnamed logistics industry official saying:
“During the pandemic, we realized the price of not digitizing the industry. There will be a mindset change now and more firms will adopt the technology.”
Developed by Maersk and IBM, TradeLens is expected to help APSEZ make information sharing more time and cost-efficient, transparent, and secure.
A study by QBIS Consulting on Total Transport and Logistics Costs (TTLC) estimated that digitizing supply chain workflow can save importers of a single major port up to $220 million annually. Exporters too could save around $40 million each year. The nationwide saving could scale to as much as $860 million.
Digitizing supply chains worldwide
TradeLens has made consistent progress in partnering with major industry players in an effort to digitize their supply chains.
In December 2019, TradeLens announced its partnership with a major Asian shipping terminal Cái Mép International Terminal. The following month, Oman’s largest port, Port of Salalah also partnered with the company to digitize its supply chain. Cointelegraph reported in March that Standard Chartered became the first bank to join the TradeLens platform.