LAHORE: On behalf of Pakistan Customs, the Pakistan Single Window Company on Tuesday signed an agreement with TradeLens, a blockchain-underpinned logistics platform to digitize import-export documentation of the containerized cargo moving in and out of the country.
Pakistan’s international trade ecosystem is being rapidly transformed through the introduction of technology-driven initiatives led by the Pakistan Single Window and the country’s authorities recognize the potential benefits of digitizing supply chains for efficiencies, enhanced transparency, and data-driven decision making.
Cross-border containerized supply chains are some of the largest and most complex business ecosystems in the world today. It is not uncommon for 30 independent parties, 100 people, and up to 200 exchanges of information to be connected to a single shipment. With increased complexity comes increased cost.
Shippers or beneficial cargo owners (BCOs) need consistent, auditable, and immutable data from multiple sources to effectively manage their supply chains.
PSW integration with TradeLens will help Pakistan Customs and other trade regulators to improve their operational efficiency and create value through the blockchain platform.
The immutability of Blockchain-underpinned document information is important in the identification of illegal activities, as well as, improving the smooth operation of legal trade.
Marvin Erdly, Head of TradeLens at IBM commented “The growth of the TradeLens’ network is evidence that participants from all across the supply chain ecosystem can derive significant value through digital collaboration.
Pakistan now joins an increasing number of connected Customs Authorities on the TradeLens platform exploring innovative solutions to enhance global trade access and enhance process efficiencies for all involved”.
TradeLens is a neutral platform that brings together data from the entire global supply chain ecosystem including shippers and cargo owners, 3PLs and freight forwarders, intermodal operators, customs and government authorities, ports and terminals, and several ocean carriers.
This data allows TradeLens and its network partners to modernize manual and paper-based documents by replacing them with blockchain-enabled digital solutions.
It also allows the network partners to provide their customers with deeper visibility into the entire journey for their cargo from origin to destination and reduce uncertainty allowing for better planning and reduced inventory costs.
Pakistan Single Window (PSW) is an initiative of Pakistan’s federal government with a focus on transforming the trade and industry ecosystem.
The program encompasses several aligned smaller initiatives to support PSW’s cause of transforming trade such as business processes re-engineering, integrated risk management, ports community systems, the introduction of new technology for trade management, data standardization, and harmonization, and integrated tariff management system.
TradeLens is an open and neutral industry platform underpinned by blockchain technology, supported by major players across the global shipping industry.
The platform promotes the efficient, transparent, and secure exchange of information in order to foster greater collaboration and trust across the global supply chain.
