Russia’s Ministry of Transport and Maersk to Test Blockchain Shipping Platform

 

 

 

 

 

 

Russia’s Ministry of Transport is reportedly planning to launch a test program of the TradeLens blockchain shipping platform, according to a Tuesday report from Russian media Kommersant. The effort will apparently involve collaboration between the Ministry and container carrier company Maersk, which developed the blockchain system in partnership with IBM.

Kommersant has learned that the Ministry of Transport, under the jurisdiction of the Rosmorrechflot, FSUE Morsvyazsputnik and A. P. Moller — Maersk, is planning to sign a memorandum of understanding as part of the development of an international trading blockchain platform for cargo transportation integration.

 

This follows from a letter from the head of Rosmorrechflot, Yuri Tsvetkov, to Deputy Prime Minister Maxim Akimov of January 24 (a copy is available to Kommersant). The system in test form is planned to be launched in March at the base of the Big Port of St. Petersburg with the involvement of the FCS.

Russian officials reportedly expect the blockchain system to increase efficiency and save money. The use of smart contracts is expected to eliminate much of the current paperwork, while other areas of efficiency could be realized as shippers, traders, and transport firms interact on the decentralized blockchain network.

Delo director general Andrei Yashchenko said that his company is supportive of the Ministry’s efforts:

“The digitization of cargo transportation is an inevitable process, and it is already underway.”

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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