ICTSI utilizes TradeLens Blockchain technology for real-time cargo visibility

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Manila International Container Terminal. Photo: ICTSI

Key insights:

  • The International Container Terminal Services, Inc. (ICTSI) will connect its 31 terminals from 19 countries to the TradeLens platform for complete real-time visibility.
  • TradeLens blockchain technology enables collaboration across supply chain stakeholders, breaking silos.
  • Data migration to the platform is underway.

A Philippine-based global port management company, ICTSI, made a drastic step towards digitization and data-driven terminal operations. The company is partnering with TradeLens to connect its 31 terminals across the world for real-time end-to-end visibility across supply chain stakeholders.

Using the platform allows terminals to access accurate cargo data before vessel arrivals, enabling better asset planning across entities in the supply chain.

ICTSI will manage a single global TradeLens connection that will enable rapid innovation and service improvement.

“We are now testing the system and transferring information about loading and discharge of cargo, berthing of vessels to the blockchain platform,” said Brian Hibbert, ICTSI Vice President and Chief Information Officer.

“After complete integration of the system, we will be able to optimize work with regulatory authorities, improve our terminals’ visibility to what is coming to them as well as receive updates from the sea carriers online,” he added.

TradeLens not only enables carriers and cargo owners to exchange transactional information in real-time, but it also sends associated trade documents to permitted parties. Blockchain technology reduces the processing time of traditional paper documents, making it faster and easier to issue bills of lading for cargo, sanitary certificates, invoices for payment and other types of documentation.

For terminals, this is especially important when considering hazardous cargo and potential efficiency gains in the terminal release and customs release processes.

The ability for clients to get faster and more granular information from terminals, like those managed by ICTSI, allows them to better manage a critical phase of the container journey. From container discharge information, to gate in empty details, having a single source of visibility for container movements directly improves efficiencies throughout the planning and invoice reconciliation cycles.

IBM and Maersk jointly developed the TradeLens blockchain platform to free the logistics industry and customers from using manual and legacy systems. The platform ecosystem has over 175 organizations – extending to more than 10 ocean carriers and encompassing data from more than 600 ports and terminals. Already, it has tracked 30 million container shipments, 1.5 billion events and roughly 13 million published documents.

Thomas Sproat of TradeLens said, “the broadening geographic scope of the platform is bolstered by the addition of ICTSI and provides new opportunities for TradeLens participants as the ecosystem continues to expand rapidly.”

ICTSI posted a 0.3% decline of revenue for the first 9 months of 2020 to $1.104 billion from $1.107 billion recorded in the same period in the previous year. The company continues to place cost measures to mitigate the impact of the pandemic, but ICTSI believed the company will bounce back as global economy gradually recovers from Covid-19 impact.

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