Thailand will use IBM blockchain to simplify freight tracking

Thailand’s Customs Department will adopt TradeLens, a blockchain system from IBM and Danish conglomerate Maersk that uses the latest technology to simplify and improve freight tracking.

Thailand will be only the second country in the 10-member Association of Southeast Asian Nations (ASEAN) to employ TradeLens. Singapore was the first. IBM has said that over 90 countries are using its technology. The decision by Thailand is in line with Thailand 4.0, the 20-year advance development strategy that includes applying the latest technologies to address economic and social challenges.

“TradeLens will provide the Thai Customs Service with automated and immutable tracking tools that will lead to more secure, transparent, efficient and simple workflows and near real-time information sharing from diverse ecosystem member networks,” said Patama Chantaruck, Vice President of Indochina expansion and managing director of IBM Thailand.

Businesses involved in trade and logistics often complain about inefficient and corrupt practices in customs and shipping in many countries.

More efficient and transparent freight tracking should help Thailand boost trade. It would also help raise Thailand’s rankings in the World Economic Forum’s annual East of Doing Business report and the Institute for Management and Development’s annual global competitiveness report.

Blockchain is an internet-based ledger system that anyone in a network can access. It improves transparency and virtually eliminates fraud. A variety of sectors and businesses are using blockchain for all sorts of transactions and purposes.

Most major Thai banks, including the central bank, have adopted blockchain for their payment systems, and some have also invested in blockchain startups.

Photo courtesy of https://www.ibm.com/