CanadaâÂÂs second-largest railway â a firm founded in 1881 â has become a member of blockchain logistics platform TradeLens in a bid to improve its supply-chain efficiency.
- As announced in a recent press statement, Canadian Pacific Railway (CP) aims to use the platform to create, share and amend documents with other supply-chain participants to reduce complexities in its shipping processes.
- TradeLens will assist CPâÂÂs intermodal shippers to share documents with other participants in the supply chain including consignees, beneficial cargo owners, customs agencies, dray operators and shipping lines.
- âÂÂGlobal shipping is a profoundly complex business and TradeLens is improving the information-sharing processes that support the industry,â CP Vice President and Chief Information Officer Mike Redeker said in the announcement.
- TradeLens was jointly founded by IBM and Maersk in 2018 and is said to have more than 700 million events and six million individual documents processed annually.
- In effect, the platform attempts to reduce the time it takes to process normally manual administrative tasks by deferring those tasks to automated digital procedures supported by blockchain tech.
- Canadian Pacific is publicly traded on the Toronto Stock Exchange and the New York Stock Exchange.
See also: OmanâÂÂs Largest Port Joins Blockchain Shipping Platform TradeLens
Related Stories
- FSB Recommends Stablecoin (Libra) Safeguards as G7 Continues Blockade
- G7 Warns of Crypto Threat From Tidal Wave of Ransomware Attacks
- Stone Ridge Calls Its $114M in Bitcoin âÂÂPrimary Treasury Reserve AssetâÂÂ; NYDIG Unit Raises $50M
- Bitcoin Miner Marathon Eyes Profitability Boost Through Joint Venture with US Power Provider
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
