Canadian Pacific Railway Seeks Logistics Boost From Blockchain Tech
Canadian Pacific – in operation since 1881 – has joined blockchain-based logistics platform TradeLens.
Canada's second-largest railway – a firm founded in 1881 – has become a member of blockchain logistics platform TradeLens in a bid to improve its supply-chain efficiency.
- As announced in a recent press statement, Canadian Pacific Railway (CP) aims to use the platform to create, share and amend documents with other supply-chain participants to reduce complexities in its shipping processes.
- TradeLens will assist CP's intermodal shippers to share documents with other participants in the supply chain including consignees, beneficial cargo owners, customs agencies, dray operators and shipping lines.
- "Global shipping is a profoundly complex business and TradeLens is improving the information-sharing processes that support the industry," CP Vice President and Chief Information Officer Mike Redeker said in the announcement.
- TradeLens was jointly founded by IBM and Maersk in 2018 and is said to have more than 700 million events and six million individual documents processed annually.
- In effect, the platform attempts to reduce the time it takes to process normally manual administrative tasks by deferring those tasks to automated digital procedures supported by blockchain tech.
- Canadian Pacific is publicly traded on the Toronto Stock Exchange and the New York Stock Exchange.
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