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IBM and Maersk announce the use of Blockchain Technology in Global Trading

Updated: Mar 1, 2019


Ninety-percent of worldwide goods is transported by the ocean shipping industry every year. The process, although full of resources, is usually slowed down by trade documentation, processing costs or even the errors in the physical movement of paperwork.IBM and Maersk, the global leader in transport and logistics, have come up with a new solution for all this: the use of blockchain technology to help transform the global, cross-border supply chain.


IBM and Maersk, the global leader in transport and logistics, have come up with a new solution for all this: the use of blockchain technology to help transform the global, cross-border supply chain.

“As a global integrator of container logistics with the ambition to digitize global trade, we are excited about this cooperation and its potential to bring substantial efficiency and productivity gains to global supply chains, while decreasing fraud and increasing security” said Ibrahim Gokcen, chief digital officer, Maersk. “The projects we are doing with IBM aim at exploring a disruptive technology such as blockchain to solve real customer problems and create new innovative business models for the entire industry.


We expect the solutions we are working on will not only reduce the cost of goods for consumers but also make global trade more accessible to a much larger number of players from both emerging and developed countries.”The blockchain solution will be available to the shipping and logistics industry. The target for this solution is to help manage and track the paper trail of millions of shipping containers worldwide by digitising the supply chain. This will enhance transparency and increase the security in the sharing of information among trading partners. It is designed to help reduce fraud and errors or the time products spend in the transit and shipping process. Its ultimate goal is to reduce waste and cost.


The blockchain solution will be available to the shipping and logistics industry. The target for this solution is to help manage and track the paper trail of millions of shipping containers worldwide by digitising the supply chain.


This will enhance transparency and increase the security in the sharing of information among trading partners. It is designed to help reduce fraud and errors or the time products spend in the transit and shipping process. Its ultimate goal is to reduce waste and cost.


Blockchain is a relatively new technology, but commercial organisations are starting to see the benefit of it beyond its more traditional place in financial services. When talking about services, it will not be long until blockchain technology is being utilised in smart city concepts. What functions and management systems could it improve in cities? Watch this space!


#mobility

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