TradeLens, A Blockchain Shipping Initiative Introduced by a Partnership of Maersk and IBM
On August 9th Maersk and IBM announced the development of a joint venture, TradeLens. The project is aimed at providing global supply chains with blockchain shipping solutions for more efficient, transparent and secure trades.
Since the announcement of a collaboration in January, the project has now acquired 94 organisations who have agreed to participate, or are actively involved, in the TradeLens platform. Some of the different players currently involved include: port and terminal operators across the globe, global container carriers, customs authorities, cargo owners, freight forwarders, transportation and logistics companies.
IBM is providing the blockchain technology for the digital supply chains, collaborating multiple trading partners by creating a shared view of transactions which secures confidentiality. The platform allows for real-time interaction to the data increasing efficiency and trust. This can help to induce crypto buying throughout all markets. The underlying system will utilise smart contracts to enable organisations to collaborate internationally with business processes and sharing of information. As the platform uses smart contracts it could incorporate a payment feature for the trades. There is currently not a need to buy crypto for the functionality of the platform.
Maersk and IBM trialled the project for 12 months demonstrating that TradeLens could potentially reduce transit time to the US by 40%. Organisations using TradeLens can benefit from greater efficiency and visibility with the potential of reducing the number of steps and people needed throughout the supply chain.
It is reported that more than 154 million shipping events have been recorded on the platform from data such as commercial invoices and arrival times with close to 1 million added each day. TradeLens cuts out the need to share documents through email or other methods as the platform tracks the data of each shipment in the supply chain; offering a record shared among all the parties involved.
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Dear valued BC Bitcoin UK Clients,
I hope this email finds you well. We are reaching out to inform you of some significant changes to our services that directly impact our operations within the United Kingdom. Regrettably, due to the recent regulatory developments introduced by the Financial Conduct Authority (FCA) and the implementation of the new Financial Promotions Regime, BC Bitcoin is no longer able to offer our services to clients based in the UK. This very difficult decision is in compliance with the regulatory framework and ensures that we uphold the highest standards of transparency and legality. You can view the FCA publication here: https://www.fca.org.uk/publication/finalised-guidance/fg23-3.pdf As a result, we would like to inform you of the following changes and provide guidance on how to manage your assets with BC Bitcoin:
1. **Service Termination for UK Clients:**
BC Bitcoin will no longer be able to accept new purchase orders from clients residing in the United Kingdom.2. **Continued Operation Outside the UK:**
Despite the changes within the UK, BC Bitcoin will continue to operate outside of the UK as normal. Our services will remain unaffected for clients in other regions.3. **Withdrawal of Assets:**
For our UK clients holding assets with BC Bitcoin, we want to assure you that your assets are secure. You have the option to safely withdraw your assets or exchange them to GBP or EUR and subsequently withdraw. We have streamlined the withdrawal process to ensure convenience for our clients.4. **Conversion of Assets:**
To convert your Holdings to fiat please log in to your BC Bitcoin account and submit a sell order for the amount of coin you hold with us. During the process you will shown how much you will receive and asked the bank details you wish to receive payment to. In addition, you can request the conversion by emailing info@bcbitcoin.com from your registered email address. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process.5. **Withdrawal Procedure:**
To initiate a withdrawal, please email your request to info@bcbitcoin.com from your registered email address. You may be asked some security questions to verify your identity. If you encounter any issues or require assistance, our customer support team is ready to help you throughout the process. These changes are effective immediately, and we appreciate your understanding and cooperation during this transitional period. We understand that this may be an inconvenience for our UK clients, and we sincerely apologise for any disruption this may cause. Thank you for being a valued part of the BC Bitcoin community. We are committed to providing you with a seamless experience as we navigate through these regulatory changes. If you have any questions or concerns, please do not hesitate to reach out to our customer support team at info@bcbitcoin.com Kind Regards