South Asia Gateway Terminals(SAGT) located on the port of Colombo, is regarded as one of the leading container terminals in the world. Recently SAGT was signed in by Maersk to the TradeLens Blockchain. TradeLens is a container shipping supply chain which is a JV between IBM and Maersk. TradeLens has to date signed over 150 Port terminals out of which 110 are already integrated.
SAGT and several other container terminals in the shipping industry suffer from an ongoing problem of time-consuming procedures. The manual, paper-based administrative processes snatch efficiency of the system to perform optimally. SAGT became the first Public-Private Partnership(PPP) container terminal in Srilanka to embrace the Blockchain technology. With TradeLens it aims at fast-pacing its digitization agenda by reconstructing its administrative process’s age-old problem of manual, time-consuming work processes.
SAGT currently plays a prominent role in Srilankan trade facilitation. It has served the most important shipping line and is looking to catapult the status of Sri Lankan sea hub for trade. SAGT enjoys an annual throughput of over 2 million TEU containers playing a pivotal role in ramping up Sri Lanka’s place in South Asian Trade. With TradeLens’ Blockchain platform data from the global supply chain ecosystem that includes shipping lines, ports, etc will be unified and will go a long way in improving the operational efficiency of container flows.
The Chief Commercial Officer at SAGT, Ted Muttiah is of the opinion that digitization will allow every stakeholder in the process to save costs as a result of operational inefficiencies. With its linkage to a blockchain platform, it aims to improve the ease of doing business. Its collaboration will prove to be critical to accelerate their digital strategies so that they are ahead of time.
TradeLens has been instrumental in increasing visibility across the entire supply chain right from booking to clearance and payments. Its integrations with more than 110 ports and 15+ custom authorities have eclipsed its status as a dominant player in the industry. SAGT collaboration will go a long way in the remodeling of the logistics industry slowly making it cost-efficient.
With Sri Lanka looking into Blockchain solutions – it’s good to stay on top of Sri Lankan Blockchain News and happenings by joining the Blockchain Lanka Telegram group.
Image Source – KAP Digital