The Sri Lankan container terminal joins the TradeLens blockchain platform

The first private container terminal in Sri Lanka, South Asia Gateway Terminals, or SAGT, recently joined IBM and Maersk's TradeLens blockchain platform.

It is the first terminal in the country to use blockchain technology to digitize its trading processes.

In a statement on July 16, Maersk said the collaboration would help SAGT streamline its sluggish, manual paper-based documentation processes.

SAGT is an important link in the conduct of global trade and processes over two million 20-meter containers annually. The inclusion of the TradeLens platform in its operations is to help digitize documentation and improve the flow of data from the global supply chain ecosystem.

The terminal will be able to easily record information regarding shippers, shipping lines, ports and other intermediaries involved in the supply chain. By introducing more transparency to container flows, TradeLens plans to improve the operational efficiency of the terminal.

Bimal Kanal, head of TradeLens South Asia, said:

"It is our ambition that all stakeholders involved in the global supply chain, including shippers, shipping lines, ports, banks, customs and so on, operate under a common platform that will benefit the entire industry."