The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution

share save 171 16 - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution

IBM Release | Oct 25, 2018

CBSA IBM and blockchain 1 - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain SolutionThe CBSA is one of the first border agencies to join more than 94 organizations participating in global trade solution

More than 200 million events captured on the platform and growing by one million per day.

TORONTO, Oct. 25, 2018 /CNW/ - IBM (NYSE: IBM) and A.P. Moller–Maersk (MAERSKb.CO) today announced that the Canada Border Services Agency (CBSA) has agreed to pilot TradeLens, a blockchain-enabled digital shipping solution jointly developed by Maersk and IBM to promote more efficient and secure global trade.

To facilitate the flow of legitimate travellers and trade across the busy Canadian border, on an average day, the CBSA processes over 58,600 commercial releases, 14,400 trucks, 240,000 mail items, and 127,400 courier shipments, collecting more than $88,200,000 (CDN) in duty and taxes.

See:  How AI and Blockchain Have Changed Canada’s Business World

Like all global border agencies, the CBSA is constantly striving to increase efficiencies for the increasing number of people and commercial goods passing through Canada's ports of entry, while upholding national security and public safety priorities. The CBSA is participating in the TradeLens pilot to determine what role the platform could play in its business processes. Ultimately, the goal for the Agency is to see if this type of solution can help improve the quality and timeliness of commercial data, increase visibility to cargo movement past the first port of arrival and reduce the number of transactions necessary to make a release decision for shipments.

"This development is an example of the Government of Canada using innovative technology to easily and securely facilitate trade and engage in global trading ecosystems in a modern, productive manner," said John Ossowski, President, CBSA. "TradeLens could create a singular, trusted digital supply chain for all shipments entering Canada.  The TradeLens pilot gives us an opportunity to not only find process efficiencies and gain analytical insights, but improve data providence, accuracy and targeting capabilities. The end result may be a faster and more reliable national supply chain, which could positively impact Canada's economic output."

Maersk and IBM have worked with dozens of shippers, ocean carriers, freight forwarders, port and terminal operators, and inland transportation and customs authorities to identify opportunities to prevent delays caused by documentation errors, information delays, and other impediments facing the industry. TradeLens participants can track critical import and export data in real-time with a secure, non-repudiable audit trail.

Mike White, who leads TradeLens for Maersk, said "We look forward to working with the CBSA to pilot how the quality and timeliness of data in TradeLens can act as a catalyst for significant productivity gains and optimized financial cycles. Our goal is to play a leading role with all members of the World Customs Organization to help them attain faster processing of global trade data into a more effective, simplified structure and process that addresses their current challenges and future needs to improve the customer experience."

Maersk North America President, Omar Shamsie, added "We are delighted to see the CBSA pilot this solution to create a more productive and reliable ecosystem for North America supply chain competitiveness."

See:  The Future of Government… in a Digital Age

Maersk Canada President Jack Mahoney attended the signing ceremony, commenting "On a national level, Maersk Canada's strategic plan places great emphasis on the country's trade development goals – and the appeal of the TradeLens neutral platform solution is a key pillar of this."

Hosted on IBM Cloud and built on open industry standards, TradeLens has been proven to reduce the transit time of a shipment of packaging materials to a production line in the United States by as much as 40 percent, avoiding thousands of dollars in cost. Through better visibility and more efficient means of communicating, some supply chain participants estimate they could reduce the steps taken to answer basic operational questions such as "where is my container" from 10 steps and five people to, with TradeLens, one step and one person. This efficiency gain ensures that the remaining four personnel can then focus on more complex initiatives across the sector.

"We believe blockchain can play an integral role in digitizing and reinventing shipping for agencies like the Canada Border Services Agency, who are responsible for moving nearly 500,000 commercial transactions safely across Canadian borders daily. TradeLens provides a common approach to building a strong, secure and connected digital trade network that benefits all participants equally," said Ayman Antoun, president, IBM Canada.

"Our work with Maersk and other enterprises in the shipping ecosystem has shown that blockchain can be used to transform a vital part of how global trade is conducted as members like the CBSA and Port of Montreal begin to interact more efficiently, securely sharing important transactions through real-time access to shipping data and shipping documents."

The TradeLens solution is available today through a Limited Availability offering. TradeLens is expected to be fully commercially available by the end of this year.

For more information about TradeLens and what ecosystem participants are saying about this solution, please visit: www.tradelens.com.

Source:  release

 


NCFA Jan 2018 resize - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada's Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

Latest news - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain SolutionFF Logo 400 v3 - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solutioncommunity social impact - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution

CONGRATULATIONS TO THE 2020 FINTECH DRAFT PITCHING AND DEMO COMPANY WINNERS!



FFCON20 Pitching and Demo Winners - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution



NCFA COVID 19 letter to government to support Fintechs and SMEs - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution

NCFA Newsletter subscribe600 - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution

McKinsey Global Institute | Sep 21, 2020 In 2015, the 193 member countries of the United Nations came together to commit to 17 Sustainable Development Goals. Goal 5 focused on gender equality and set the ambitious target of achieving gender equality and empowering women and girls everywhere by 2030. Five years later, large gender gaps remain across the world, and the early evidence suggests that the COVID-19 pandemic has had a regressive effect on gender equality. Learn More: Banking Must Take A Stand On Tough Social Issues Women In Fintech Will Play A Crucial Part In The Covid-19 Recovery Plan Black tech founders say venture capital needs to move past ‘diversity theater’ Three Big Things: The Most Important Forces Shaping the World Why venture capital firms need more women partners and entrepreneurs Why Older Entrepreneurs Have the Edge Gender Bias Contributes to Blocking Female Founders Out of Investment & Venture Capital. We Need to Fix This. Six steps to achieve financial gender parity this #IWD How can we ensure that the role of women in the workplace and in society is central to efforts to rebuild economies in the COVID-19 era, and that women do not fall further behind? As ...
Read More
Gender eqality - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution
Roar Growth on Medium | Peggy van de Plassche | Sep 14, 2020 How to protect our economies and capitalize on the trend As Palantir filed for IPO (while also settling a score with Silicon Valley), news on the cybersecurity front has been grim since the start of the pandemic. One of the unintended consequences of COVID-19 and subsequently of the entire economy moving online was the exponential increase in the points of vulnerability both on the clients’ and employees’ sides. In addition, the uncertain and fearful global environment became a fertile ground for fraudsters. Accordingly, the spike in cyber security threats related to COVID-19 and specifically the influx of associated malware and phishing scams was fast, furious and global; more specifically, attacks against the financial sector increased 238% globally from the beginning of February to the end of April With the IMF estimating, back in 2018, that cybercrime was costing the world ~$100 billion to 350 billion annually (the equivalent to ~10 to 30 percent of banks’ net income globally) and was potentially threatening financial stability, what are the trends we can anticipate? Below are several areas where I see a lot of activity taking place, hence generating opportunity ...
Read More
cyber attacks increasing - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution
BBC | Sep 21, 2020 Leaked documents involving about $2tn of transactions have revealed how some of the world's biggest banks have allowed criminals to move dirty money around the world. They also show how Russian oligarchs have used banks to avoid sanctions that were supposed to stop them getting their money into the West. It's the latest in a string of leaks over the past five years that have exposed secret deals, money laundering and financial crime. What are the FinCEN files? The FinCEN files are more than 2,500 documents, most of which were files that banks sent to the US authorities between 2000 and 2017. They raise concerns about what their clients might be doing. See:  Fintech & Cybersecurity: Key Risks and Solutions These documents are some of the international banking system's most closely guarded secrets. Banks use them to report suspicious behaviour but they are not proof of wrongdoing or crime. They were leaked to Buzzfeed News and shared with a group that brings together investigative journalists from around the world, which distributed them to 108 news organisations in 88 countries, including the BBC's Panorama programme. Hundreds of journalists have been sifting through the dense, technical documentation, ...
Read More
FinCEN Files - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution
NCFA Canada | Sep 18, 2020 JOIN US ON A STORYTELLING JOURNEY EVERY FRIDAY. EP41:  40% pandemic growth, taking risks and innovating Insurtech in Canada GUEST: DANISH YUSUF, Founder and CEO, Zensurance BIO:  Danish Yusuf is the Founder and CEO of Zensurance, a Toronto-based technology company focused on building curated insurance solutions for business owners.  Danish is a former leader in McKinsey & Company's Digital Insurance practice, supporting insurance clients globally on defining their digital strategy. Prior to McKinsey, Danish was a software architect and developer at IBM Canada, covering everything from mainframe development to web development.  Danish earned a bachelor’s degree in Software Engineering from the University of Toronto and has an MBA from Harvard Business School. In 2018, he was named by Canadian Underwriter as one of the Top 10 Brokers Under 40 in the Canadian Property and Casualty industry.  Enjoy! Links: Danish Yusuf, Founder and CEO, Zensurance (LinkedIn) Zensurance  (website |  twitter) About this episode:  Danish Yusuf, Founder and CEO of Zensurance joins Craig Asano, Founder and CEO NCFA Canada for the kickoff episode of Season 3 of Fintech Fridays. They discuss Danish's entrepreneurial journey, the story behind the creation of Zensurance and dive into what it's ...
Read More
NCFA FF Podcast Ep41 Danish Yusuf Zensurance Banner - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution
Techcrunch | Danny Crichton | Sep 20, 2020 It used to be “easy” to tell the American and Chinese economies apart. One was innovative, one made clones. One was a free market while the other demanded payments to a political party and its leadership, a corrupt wealth generating scam that by some estimates has netted top leaders billions of dollars. One kept the talent borders porous acting as a magnet for the world’s top brains while the other interviewed you in a backroom at the airport before imprisoning you on sedition charges (okay, that might have been both). The comparison was always facile yes, but it was easy and at least directionally accurate if failing on the specifics. Now though, the country that exported exploding batteries is pioneering quantum computing, while the country that pioneered the internet now builds planes that fall out of the sky (and good news, we’ve identified even more planes that might fall out of the sky at an airport near you!) TikTok’s success is many things, but it is quite frankly just an embarrassment for the United States. There are thousands of entrepreneurs and hundreds of venture capitalists swarming Silicon Valley and the other American ...
Read More
US and China politics - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution
The Law Society UK | Giles Parsons | Sep 16, 2020 Everything a computer does includes copying; data is processed, written to memory, retrieved, and transmitted. Copyright is infringed when the 'expression of the intellectual creation of the author of the work' is copied.  So in order to allow the internet to function, the EU passed an exception in copyright law that allows temporary copying when that copying forms part of a transmission of a copyright work in a network. This isn’t an issue for people – we don’t 'copy' documents in the same way to read them. Perhaps use by AI would fall within exhaustion of rights – once a book has been sold, it can be read by both man and machine. But behind this is a bigger question: what use by AI of a copyright work should be allowed? Copyright does not protect ideas; it protects the expression of ideas. But drawing a neat line between the two has always been difficult. See:  How do intellectual property rights apply to AI? Machine learning software, using artificial neural networks, can learn from information it receives and reach decisions on its own volition, with limited or no human intervention ...
Read More
Copyright - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution
AltFi | John Reynolds | Sep 16, 2020 Fintechs will be “even more important” coming out of lockdown than they were during lockdown helping smaller businesses return to normality, according to the British Business Bank (BBB), which has reported a £2m loss in the year ending March 2020. The government-backed bank, which is responsible for organising the CBILS, BBLS and other government emergency funding schemes, has updated the market on the impact that Covid-19 has had on financial institutions, businesses and its organisation in its annual report. It cited fintechs as playing “an important part of delivering emergency schemes during the crisis” adding “they will be even more important in the recovery, when the UK’s smaller businesses will still need to be served by a healthy, competitive and diverse finance market.” Starling Bank and OakNorth Bank are among the fintechs which have offered loans during the pandemic through the BBB. See:  Refusal to embrace open banking puts Canada behind yet another curve The annual report covers the period to the year ending March 2020 but the BBB offers an update on the impact of Covid-19. It said the Coronavirus Business Interruption Loan Scheme (CBILS) has 97 accredited lenders and, as of August 11, provided 60,000 loans worth £13.4bn. The ...
Read More
BBB 2020 Annual report - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution
CNBC | Samantha Delouya There may be a changing of the guard underway in financials. The market caps of payment stocks like Visa and MasterCard have eclipsed the value of Wall Street's biggest banks, even as their balance sheets remain significantly smaller in comparison. Square, Visa, PayPal and MasterCard are collectively worth $1.07 trillion, while the "big six" banks, which include JPMorgan, Bank of America, Wells Fargo, Citigroup, Morgan Stanley and Goldman Sachs are worth less than $900 billion in total. A large portion of gains in market value have come in 2020, as investors continue to reward software-based tech companies amid the pandemic. The ETFMG Prime Mobile Payments ETF, which tracks mobile payments stocks, is up nearly 10% in 2020, while the Financial Select Sector SPDR Fund is down nearly 20% so far this year. See:  Fintech Acquisitions Show Sector Strength Despite Covid-19 Payment companies have increased their push into traditional banking over recent years, which investors have rewarded with further share gains. On Tuesday, Square announced that it will allow Cash-App users to access some of their earned wages ahead of schedule, incentivizing users to sign up for direct deposit through the application. PayPal-owned Venmo also allows its ...
Read More
market valuation - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution
Investment Executive | Rudy Mezzetta | Sep 2, 2020 Increasing compliance requirements — such as enhanced know-your-product rules — provided cover for Canada’s banks to focus ever more exclusively on selling their in-house investment products, shutting out independent products and limiting client choice, says Sheila Murray, a corporate director and former president of CI Financial.  “Under the guise of compliance and risk aversion, and doing the right thing for their clients, [banks] moved in favour of their own products to the detriment of having a balanced product shelf,” Murray said, speaking on a panel presented by NEO Exchange on Wednesday. The topic: Ontario’s Capital Markets Modernization Taskforce consultation paper, released in July. Murray made the comments in support of a proposal in the paper that banks be directed to offer independent providers greater access to their distribution channels. The task force set a deadline for Sept. 7 for comments, and intends to provide a final report with recommendations to the Ontario Minister of Finance before the year’s end.  See:  NCFA Response to the Modernizing Ontario’s Capital Markets Consultation Taskforce “It’s a really difficult [issue], but I think [the task force] is going in the right direction of encouraging a more open shelf and transparency on the shelf,” Murray said.  In its paper, the task force proposed that closed product shelves/proprietary-only shelves be banned in the bank-owned ...
Read More
bay street toronto - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution
McKinsey & Company | Chandana Asif, Max Flötotto, Tunde Olanrewaju, and Giuseppe Sofo | Sep 9, 2020 To navigate the economic fall-out from COVID-19, Europe’s fintechs will need to adjust their playbook. Fintechs have been on a roll. Fueled by generous amounts of venture capital funding, last year 24 financial services startups hit a valuation of more than $1 billion, bringing the global total of such highly valued “unicorns” to 58. Together, these and other fintechs have ushered in a revolution in customer experience: Consumers can now open an account or get a loan in a matter of minutes (instead of weeks or months), exchange and send money internationally at low or no fees, and buy products with instantly created no-interest installment plans. Fintechs have also upped the ante for speed and agility, launching new features and initiatives in weeks instead of the six- to twelve-month timeframes more typical of banks. See:  Setting up small and medium-size enterprises for restart and recovery The emergence and spread of COVID-19—in the first place a world health crisis—is also causing unprecedented economic damage across the globe. Most McKinsey COVID-19 scenarios show European economies contracting by 11 percent in 2020 and not returning to ...
Read More
Alternative path to profit - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution

 

share save 171 16 - The Canada Border Services Agency Pilots IBM Maersk TradeLens Blockchain Solution