The Customs Department of Thailand has adopted TradeLens, IBM’s blockchain-powered digital trade platform that supports efficient and accurate container tracking and real-time information sharing among stakeholders in the supply chain. The agency firmly believes that blockchain integration will foster transparency and enhance its processes, reports Bangkok Post on August 29, 2019.
Thai Customs Integrate DLT
In a bid to streamline its processes and foster transparency, Thailand’s Customs Department has integrated blockchain technology into its operations.
With TradeLens, the agency’s paper-based shipping processes will now be digitalized, enabling real-time information sharing among authorized parties in the logistics ecosystem, while also providing instantaneous and tamper-proof end-to-end data.
Commenting on the adoption of TradeLens by the Thailand Customs Department, Patama Chantaruck, vice-president for Indochina expansion and managing director of IBM Thailand, reiterated that blockchain technology has all it takes to revolutionize the global logistics ecosystem and modernize trade at all levels.
“TradeLens will provide the Thai Customs Department with an automatic and immutable tracking tool, that translates to a more secure, transparent, efficient and simpler workflow, with real-time information sharing from a diverse network of stakeholders.”
Combating Fraud with DLT
In addition to fostering transparency, the team has hinted that the TradeLens system helps in combating fraud, as customs authorities will be able to get shipping information of all containers in transit immediately they leave the port of origin.
This way, customs officials will have more to prepare for the receipt and thorough inspection of these containers.
Chuchai Udompote, a principal adviser on the development of the Customs Incentive System for the Customs Department, has revealed that the agency has been collaborating with IBM to integrate the TradeLens since October 2018.
If all goes as planned, the official says the TradeLens solution will first be implemented at Laem Chabang, a port city in Chonburi Province, and later at Bangkok port, which functioned as the country’s main international port until 1991.
While the potential of the nascent blockchain technology is still being explored by various entities, DLT has so far proved it has a lot to offer in a vast array of sectors.
On August 6, 2019, BTCManager informed that IBM has joined forces with several firms to roll out a blockchain solution aimed at improving the supply chain management of at least 4,000 North American firms.