[vc_row][vc_column][vc_column_text]IBM and Maersk are working together to digitize, manage, and track shipping transactions using blockchain technology.
The blockchain solution being built by the two companies is expected to be made available to the ocean shipping industry later this year. It would help manage and track the paper trail of tens of millions of shipping containers globally by digitizing the supply chain process from end to end.
This will enhance transparency and make the sharing of information among trading partners more secure.
When adopted at scale, the solution based on the Linux Foundation’s open source Hyperledger platform has the potential to save the industry billions of dollars, the companies said.
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 product, the companies said.
The product is also designed to help reduce or eliminate fraud and errors and minimize the time products spend in the transit and shipping process.[/vc_column_text][/vc_column][/vc_row]
