The Canadian Border Services Agency (CBSA) is partnering with Canada's second-largest port to test out a blockchain solution for streamlining freight shipping.
The CBSA, along with the Port of Montreal, will be trialing TradeLens, a project built by IBM (NYSE:IBM) and Danish shipping giant A.P. Moller-Maersk Group, the Canadian Press reported Thursday. The project hopes to reduce the amount of paperwork involved when transporting goods.
Launched this past August, the project is aimed at modernizing the shipping industry by digitizing the "paper trail with electronic scheduling, clearance and billing while tracing containers," and is expected to be fully commercial by the end of the year.