The Customs Department of Thailand, an agency under the country’s Ministry of Finance, has turned to blockchain platform TradeLens, jointly developed by tech giant IBM and shipping major Maersk.
The initiative is to modernize trade and support Thailand 4.0 policy, the department announced Wednesday. TradeLens will provide “an automatic and immutable tracking tool, which will lead to a more secure, transparent, efficient and simpler workflow,” Patama Chantaruck, managing director of IBM Thailand, reportedly said.
The blockchain platform will be first implemented at Laem Chabang port in Chon Buri and later at Bangkok port, per the report.
TradeLens will help the department and related parties access real-time information, expedite processes and cut costs, according to Chuchai Udompote, principal adviser on the development of the Customs Incentive System for the Customs Department.
IBM and Maersk launched TradeLens solution exactly a year ago, but since then has found it difficult to attract partners. Some of the world’s largest shipping carriers have publicly dismissed TradeLens, believing that the platform gives IBM and Maersk too much control over their supply chain operations.