Maersk Line, IBM sign blockchain deal to digitise container shipping
Maersk Line signed an agreement with IBM to use a new blockchain solution to track and digitise the complex paper trail associated with the tens of millions of containers its moves annually.
The collaboration with IBM is the latest effort by the worlds largest container line to digitise the container shipping process. Using the blockchain solution, the company aims to enhance the transparency and security of sharing of information among partners in the supply chain.
When adopted at scale, the solution has the potential to save the industry billions of dollars, the two companies said in a statement.
The solution between Maersk and IBM is aimed at reducing fraud and errors, the time products spend in the transit and shipping process, improve inventory management, which as result will bring down waste and cost.
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, said Ibrahim Gokcen, chief digital officer, Maersk.
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.
Bridget van Kralingen, senior vice president, Industry Platforms, IBM: We believe that this new supply chain solution will be a transformative technology with the potential to completely disrupt and change the way global trade is done.
