IBM Indonesia has revealed that the Indonesian Directorate General of Customs and Excise has commenced using the blockchain-based shipping platform, TradeLens.
The news follows several months of platform implementations, with the Indonesia Customs and Excise Department announcing that it would join the TradeLens consortium late last year.
The announcement has seen Indonesia's customs department become the 11th government agency to join the TradeLens consortium - of which other members include the customs authorities of Thailand, Azerbaijan, and Canada, among others.
Tan Wijaya, the president director of IMB Indonesia, expressed his expectation that the partnership with Indonesia's customs depart will "Benefit all stakeholders in the entire logistics ecosystem and encourage the overall modernization of trade."
TradeLense records 10 million events weeklyThe TradeLens platform provides APIs that allow supply chain data to be immutably tracked and broadcast using a permissioned blockchain.
The company's stated goal is to facilitate faster trade and customs verification and eliminate paper-based processes.
IBM launched TradeLens in partnership with Danish transport conglomerate Maersk during August 2018.
Earlier this month, Maersk estimated that 10 million supply chain events are tracked on TradeLens each week.
At the start of February, US Federal Maritime Commission granted an antitrust exemption to five US-based members of the TradeLense consortium to share data concerning American supply chain events, with an agreement between the five parties coming into effect on Feb. 6.Indonesian regulators cautiously warm to blockchainThe announcement comes three weeks after Indonesia's oldest cryptocurrency exchange, Indodax, received licensing from the country's Commodity Futures Trading Regulatory Agency.
Operating under the Ministry of Trade, BAPPEBTI oversees cryptocurrency trading activities in Indonesia.
Indonesian Customs Joins IBM's Blockchain Supply Chain Platform
Published on Feb 20, 2020
by Cointele | Published on Coinage
Coinage
Recent News
View All
Blockchain Bites: Bitcoin's Run, Uniswap's Hemorrhaging Value, Anchorage's Banking Bid
Bitcoin is nearing all-time highs in price and market cap last set three years ago.
Japan's megabanks to lead experiment with digital yen
We have, in order, Cheese Bank with a $3.3 million theft, Akropolis with its $2 million loss, Value DeFi with a whopping $6 million exploit and finally Origin Protocol's loss of $7 million.
Number of new Bitcoin addresses spikes amid growing FOMO
Japan's three largest banks, as part of a group of 30 private sector actors, are set to collaborate on an experiment with a digital yen.
Not just Wall Street: Quant trader explains why Bitcoin price is going up
Sam Trabucco, a quantitative trader at Alameda Research, believes four general factors are pushing up the price of Bitcoin.