IBM, Maersk Reveal #Blockchain Solution for Global Supply Chain – gCaptain
▻https://gcaptain.com/imb-maersk-reveal-blockchain-for-global-supply-chain
Technology giant IBM and Maersk, owner of the leading transport and logistics company Maersk Line, have announced a potentially groundbreaking collaboration to use “blockchain” technology to digitize transactions among the world’s vast and interconnected network of shippers, freight forwarders, ocean carriers, ports and customs authorities participating in the supply chain.
If widely adopted, the technology could transform the global, cross-border supply chain and save the industry billions of dollars, according to IBM and Maersk.
Ninety percent of goods in global trade are carried by the ocean shipping industry each year. As part of the collaboration, IBM and Maersk intend to work with a network of shippers, freight forwarders, ocean carriers, ports and customs authorities to build the new global trade digitization solution, which is expected to go into production later this year.
Blockchain technology, perhaps best known as the system behind the cryptocurrency Bitcoin, has the potential to vastly reduce the cost and complexity of trading to establish transparency among parties. The solution is designed to help reduce fraud and errors, reduce the time products spend in the transit and shipping process, improve inventory management and ultimately reduce waste and cost.
