The partners unveiled TradeLens, which is dedicated to enhancing shipping supply chains, earlier this week. CEVA said the platform constituted its “answer to the untapped potential of blockchain applications in the logistics industry.”
CEVA CEO Xavier Urbain noted in the press release that they see the “high potential” in TradeLense to be the “real-time access it provides to all partners in the supply chain,” adding
“It is a big step forward toward establishing a market standard for blockchain solutions.”
CEVA, which has annual revenues of $7 billion, is one of over 90 organizations to come on board with TradeLens, with the company hinting that this was by no means the full extent of its blockchain plans. CEVA’s press release stated that “other initiatives are in the pipeline and are currently being evaluated and expected to start delivering solutions in the coming months.”
Shipping supply chains have long formed a focus for simplification through innovation thanks to blockchain technology.
As Cointelegraph previously reported, TradeLens began as a pilot project in March 2017, while other schemes have since begun operating with the aim of using blockchain to reduce costs, paperwork, and timeframes, while enhancing security.