Blockchain tech mover IBM, as well as Danish shipping giant Maersk, have already unveiled a joint venture aimed at digitizing and enhancing global trade security and efficiency by means of blockchain technology.
Getting a blockchain revamp happens to be one of the world’s oldest industries, which has long been reluctant to master up-to-date technologies.
Maersk and IBM have officially confirmed their mutual intention to have a fresh as-yet-unnamed company launched. The company will specifically create blockchain technology built around open standards to be used by the entire global shipping ecosystem. New York is where the newly-created company is going to be headquartered.
Logistics and supply trade chains are expected to drastically benefit from adopting blockchain technology. A shared, immutable ledger with numerous participants such as shippers, port operators, suppliers, to say nothing of import/export authorities will help businesses to closely watch shipments in real-time. What’s more – decades of operational inefficiency because of breakages and manual processes resulting in billions in losses could be dodged.