International Business Machines Corp. (NYSE:IBM) and Maersk have partnered up to create what they call a way to speed up the trade industry.
The companies are rolling out a new blockchain platform designed to save up billions of dollars, while also managing and tracking tens of millions of shipping containers around the globe. IBM and Maersk will do so by digitizing the supply chain process from end to end.
It’s been a while since the global shipping industry has seen any technological changes as the container invented in the 1950s marks the last major breakthrough for it. Sending items still requires plenty of paperwork and bureaucracy.
The new IBM and Maersk platform will be made available to the ocean shipping industry starting in mid-2018, and it is dependent on whether or not the companies can lure in shippers, freight forwarders, ocean carriers, ports and customer authorities to adopt its new tech.
Blockchain technology is used to power bitcoin, ethereum and other digital currencies, sharing data across a network of individual computers. Customs and port authorities in the United States, China, Singapore and the Netherlands have expressed interest in using the platform.
“The big thing that is missing from this industry to digitize and unleash the potential of the technology is really to create a form of utility that brings standards across the entire ecosystem,” Maersk’s Chief Commercial Officer Vincent Clerc said in an interview.
