Technology giant IBM and the Danish shipping company Maersk has announced a joint venture to digitize and increase the efficiency and security of global trade with the use of the technology of the blockchain.
16 Jan IBM and A. P Moller – Maersk confirmed
its intention to establish a new company that will work on the development of the technology of the blockchain, based on open standards, for use by the entire global shipping industry. The headquarters company will be located in new York.
Supply chain and logistics are two industries that surely will quickly see the benefits of introducing the technology of the blockchain. Immutable distributed registry with several participants including suppliers, shippers, operators, ports and authorities for export/import, enables companies to track shipments in real-time. The blockchain provides transparency of all stages of the supply chain for all participants with relevant data, eliminating paper contracts and based on smart contracts.
Maersk will implement and deploy software on the basis of the blockchain from IBM — Hyperledger Fabric, and use other cloud-based technology to track deliveries with the help of artificial intelligence and the Internet of things. Chief commercial officer of Maersk’s Vincent Clerc (Vincent Clerc) said:
«The potential from providing an open neutral digital platform as a safe and simple way to share information is huge, and all members of the supply chain will benefit from this».
The creation of a new joint venture comes amid the ongoing partnership between IBM and Maersk, which began in the first half of 2017. Logistics blockchain has been successfully tested by the two organizations last year, including a network of transport companies, ocean carriers and ports will support the supply chain, which is designed for tracking 10 million containers. IBM estimates the annual savings to carriers, digitizing their processes using the technology of the blockchain, approximately $ 38 billion.
Since the test project was successful, it led to the creation of pilot solutions, tested customs of the Netherlands, the customs and border services, US, Singaporean and Peruvian customs authorities, as well as industrial giants such as General Motors and Procter and Gamble for supply chain management.
The IBM representative stated that he expects approval of the project by regulators, and then implementing the solution «is planned for 6 months.»