Subscribe to Our Newsletter
Tuesday May 17, 2022
Bitcoin (BTC) $30,227.00   Ether (ETH) $2,063.31
  • Events
  • News
    • Blockchain Technology
    • Capital Raising
    • Crypto Exchanges
    • Crypto Payments
    • Gaming & Betting
    • Investment Management
    • M&A
    • Mining
    • Networks & Protocols
    • Security
    • Vendor Technology
    • Wallets
No Result
View All Result
Swap USDT (TRC20) Instantly
CryptoNinjas
  • Crypto & Blockchain Links
  • Real-Time Market Data
  • Bitcoin ATM Map
  • Token Offerings/Listings
Changelly
CryptoNinjas
Home Blockchain Technology

Maersk and IBM to develop global trade and supply chain platform on blockchain

Published by CryptoNinjas.net
01/16/2018
Maersk and IBM to develop global trade and supply chain platform on blockchain

A.P. Moller – Maersk Group and IBM today announced their intent to establish a joint venture to provide more efficient and secure methods for conducting global trade using blockchain technology.

The aim of the new company will be to offer a jointly developed global trade digitization platform built on open standards and designed for use by the entire global shipping ecosystem.

It will address the need to provide more transparency and simplicity in the movement of goods across borders and trading zones. The cost and size of the world’s trading ecosystems continue to grow in complexity. More than $4 trillion in goods are shipped each year, and more than 80 percent of the goods consumers use daily are carried by the ocean shipping industry.

The maximum cost of the required trade documentation to process and administer many of these goods is estimated to reach one-fifth of the actual physical transportation costs. According to The World Economic Forum, by reducing barriers within the international supply chain, global trade could increase by nearly 15 percent, boosting economies and creating jobs.

The attributes of blockchain technology are ideally suited to large networks of disparate partners. A distributed ledger technology, blockchain establishes a shared, immutable record of all the transactions that take place within a network and then enables permissioned parties to access to trusted data in real time. By applying the technology to digitize global trade processes, a new form of command and consent can be introduced into the flow of information, empowering multiple trading partners to collaborate and establishing a single shared view of a transaction without compromising details, privacy or confidentiality.

Maersk, a global leader in container logistics, and IBM, a leading provider of blockchain, supply chain visibility and interoperability solutions for the enterprise, will use blockchain technology to power the new platform, as well as employ other cloud-based open source technologies including artificial intelligence (AI), IoT and analytics, delivered via IBM Services, in order to help companies move and track goods digitally across international borders. Manufacturers, shipping lines, freight forwarders, port and terminal operators and customs authorities can all benefit from these new technologies –and ultimately consumers.

[perfectpullquote align=”full” bordertop=”false” cite=”Vincent Clerc, the chief commercial officer at Maersk and future chairman of the board of the new joint venture” link=”” color=”” class=”” size=””]”This new company marks a milestone in our strategic efforts to drive the digitization of global trade. The potential from offering a neutral, open digital platform for safe and easy ways of exchanging information is huge, and all players across the supply chain stand to benefit. By joining our knowledge of trade with IBM’s capabilities in blockchain and enterprise technology, we are confident this new company can make a real difference in shaping the future of global trade.”[/perfectpullquote]

IBM’s blockchain platform is enabling hundreds of clients and thousands of developers to build and scale active networks across complex use cases, including cross-border payments, supply chains, and digital identification.

[perfectpullquote align=”full” bordertop=”false” cite=”Bridget van Kralingen, senior vice president, IBM Global Industries, Solutions, and Blockchain” link=”” color=”” class=”” size=””]”The major advances IBM has made in blockchain have shown that the technology can foster new business models and play an important role in how the world works by building smarter businesses. Our joint venture with Maersk means we can now speed adoption of this exciting technology with the millions of organizations who play vital roles in one of the most complex and important networks in the world, the global supply chain. We believe blockchain will now emerge in this market as the leading way companies seize new untapped economic opportunities.”[/perfectpullquote]

IBM and Maersk began a collaboration in June 2016 to build new blockchain- and cloud-based technologies. Since then, multiple parties have piloted the platform including DuPont, Dow Chemical, Tetra Pak, Port Houston, Rotterdam Port Community System Portbase, the Customs Administration of the Netherlands, U.S. Customs and Border Protection.

The joint venture will now enable IBM and Maersk to commercialize and scale their solutions to a broader group of global corporations, many of whom have already expressed interest in the capabilities and are exploring ways to use the new platform, including General Motors and Procter and Gamble to streamline the complex supply chains they operate; and freight forwarder and logistics company, Agility Logistics, to provide improved customer services including customs clearance brokerage.

Additional customs and government authorities, including Singapore Customs and Peruvian Customs, will explore collaborating with the platform to facilitate trade flows and enhance supply chain security. The global terminal operators APM Terminals and PSA International will use the platform to enrich port collaboration and improve terminal planning. With support from Guangdong Inspection and Quarantine Bureau by connecting to its Global Quality Traceability System for import and export goods, the platform can also link users to important trade corridors in and out of China.

To address the specific needs of the industry, Maersk and IBM are establishing an advisory board of industry experts to help further shape the platform and services, provide guidance and feedback on important industry factors, and drive open standards.

Maersk and IBM have named Michael J. White, former president of Maersk Line in North America, as CEO of the new company. He commented, “Today, a vast amount of resources are wasted due to inefficient and error-prone manual processes. The pilots confirmed our expectations that, across the industry, there is considerable demand for efficiency gains and opportunities coming from streamlining and standardizing information flows using digital solutions. Our ambition is to apply these learnings to establish a fully open platform whereby all players in the global supply chain can participate and extract significant value. We look forward to further expanding our ecosystem of partners as we progress toward a global solution.”

The new company initially plans to commercialize two core capabilities aimed at digitizing the global supply chain from end-to-end:

  • A shipping information pipeline will provide end-to-end supply chain visibility to enable all actors involved in managing a supply chain to securely and seamlessly exchange information about shipment events in real time.
  • Paperless Trade will digitize and automate paperwork filings by enabling end-users to securely submit, validate and approve documents across organizational boundaries, ultimately helping to reduce the time and cost of clearance and cargo movement. Blockchain-based smart contracts ensure all required approvals are in place, helping speed up approvals and reducing mistakes.

Upon regulatory clearance, solutions from the joint venture are expected to become available within six months. The new company will be headquartered in the New York metropolitan area.

70
SHARES
FacebookTwitterLinkedinRedditE-MailTelegram

Related News

Centotrenta launches credit securitization management platform based on IBM Blockchain technology

02/20/2020
Centotrenta launches credit securitization management platform based on IBM Blockchain technology

IBM and Centotrenta Servicing, today announced the HyperMast STS platform, an end to end credit securitization management platform based on IBM Blockchain technology designed to address financial sector requirements for their clients including data...

Read more

IBM and Tata Communications join Hedera Governing Council

08/12/2019
Hashgraphibmtata

Hedera Hashgraph, an enterprise-ready distributed ledger platform, has announced that IBM and Tata Communications have joined the Hedera Governing Council. The Council, which will comprise up to 39 multinational entities from a diverse array...

Read more

Leading companies join IBM & Chainyard for new blockchain supply chain network

08/05/2019
Ibm Blockchain Supply Chain Network

IBM and Chainyard today announced Trust Your Supplier (TYS), a new blockchain network designed to improve supplier qualification, validation, onboarding, and life cycle information management. Anheuser-Busch InBev, Cisco, GlaxoSmithKline, Lenovo, Nokia, Schneider Electric and Vodafone are founding...

Read more

Blockchain loyalty protocol qiibee joins ‘Startup with IBM’ program

08/05/2019
Qiibee Ibm

qiibee, a blockchain-powered platform that enables any business to create, launch, and manage their own branded loyalty token, today announced its acceptance by the ‘Startup with IBM’ program, making it an official IBM partner....

Read more
Load More

Discussion about this post

Where to Exchange

Crypto services suite in Spanish Visit
European bitcoin exchange Visit
Swap & buy 150+ cryptocurrencies Visit
America's first regulated bitcoin exchange Visit
  • Trending
  • Latest
Hedera launchpad platform HederaStarter to launch its native token via IDO on May 19

Hedera launchpad platform HederaStarter to hold IDO May 19 to establish HSTART token

05/11/2022
Blockchain analytics provider Nansen integrates and invests in DeFi data app APY.vision 

Blockchain analytics provider Nansen integrates and invests in DeFi data app APY.vision 

05/12/2022
Aussie crypto exchange CoinJar rolls our improved platform design

Aussie crypto exchange CoinJar rolls out improved platform design

05/10/2022
Crypto platform Bitpanda introduces staking functionality on 11 cryptocurrencies

Crypto exchange Bitpanda introduces staking on 11 cryptocurrencies

05/10/2022
Jewel chooses ERC-3643 and Tokeny platform to issue stablecoins on Polygon

Jewel chooses ERC-3643 and Tokeny platform to issue stablecoins on Polygon

05/16/2022
COTI links with Cardashift to accelerate social & environmental projects using Djed stablecoin

COTI links with Cardashift to accelerate social & environmental projects using Djed stablecoin

05/16/2022
Blockchain infrastructure platform QuickNode acquires NFT analytics provider icy.tools

Blockchain infrastructure platform QuickNode acquires NFT analytics provider icy.tools

05/16/2022
Asia cypto margin trading app MoonXBT integrates XanPool's fiat gateway

Asia crypto margin trading app MoonXBT integrates XanPool’s fiat gateway

05/12/2022
  • Home
  • Directory
  • Data
  • About
  • Contact
SUBSCRIBE

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

  • Home
  • Crypto Links
  • Market Data
  • Blockchain Tech
  • Exchanges
  • Capital Raising
  • Vendor Technology
  • Token Offerings/Listings
  • Payments
  • Wallets
  • Bitcoin ATM Map
  • Conferences & Events
  • About
  • Contact
No Result
View All Result

© 2016 - 2022 CryptoNinjas Disclosures | Privacy Policy

Go to mobile version