Canadian Pacific Railway Seeks Logistics Boost From Blockchain Tech

Canadian Pacific – in operation since 1881 – has joined blockchain-based logistics platform TradeLens.

Oct 13, 2020 at 8:06 a.m. UTC

Updated Sep 14, 2021 at 10:08 a.m. UTC

train-2423973_1920 — Relic Canadian Pacific train

Canada's second-largest railway – a firm founded in 1881 – has become a member of blockchain logistics platform TradeLens in a bid to improve its supply-chain efficiency.

As announced in a recent press statement, Canadian Pacific Railway (CP) aims to use the platform to create, share and amend documents with other supply-chain participants to reduce complexities in its shipping processes.
TradeLens will assist CP's intermodal shippers to share documents with other participants in the supply chain including consignees, beneficial cargo owners, customs agencies, dray operators and shipping lines.
"Global shipping is a profoundly complex business and TradeLens is improving the information-sharing processes that support the industry," CP Vice President and Chief Information Officer Mike Redeker said in the announcement.
TradeLens was jointly founded by IBM and Maersk in 2018 and is said to have more than 700 million events and six million individual documents processed annually.
In effect, the platform attempts to reduce the time it takes to process normally manual administrative tasks by deferring those tasks to automated digital procedures supported by blockchain tech.
Canadian Pacific is publicly traded on the Toronto Stock Exchange and the New York Stock Exchange.

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.