“We think that this really levels the playing field in terms of participants’ access to a global platform, as well as sharing information economically,” said Wieck. “The scale that is building here is making that even more affordable.”

According to Wieck, users can pare down as much as 40% on shipping costs by shortening the time between each step to almost zero. Wieck expects early adopters of the platform will be able to have a real-time view of products that require shipping as well as the location of the nearby empty containers.

“TradeLens is leveraging the benefits of blockchain as a technology for distributed information sharing,” said Wieck. “Whatever might be needed by customs and regulators to ensure efficient and safe trade, all of that information is available in real time to the participants.”

Ohio Adopts Blockchain Legislation

The state of Ohio is now the latest state to recognize the storage and transaction of data utilized with  blockchain technology as Governor John Kasich signed the bill, SB 300, into legislation. SB 300 was introduced in May with the prime focus of treating data and smart contracts stored through blockchain technology as electronic records.

Related: Ohio Latest State to Adopt Blockchain Legislation

“In Ohio, blockchain innovators can thrive in their efforts to develop new products and applications for the financial industry and beyond,” said Valentina Isakina, JobsOhio financial services managing director. “Many companies looking to expand their blockchain and R&D operations are rapidly growing job creators, and Ohio is now even more attractive to these businesses.”

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