Maersk, a giant in the shipping industry, reported that they will be working with IBM to create a joint blockchain company. The Danish company is interested in creating a streamlined way to digitize and strenghten global trade efficiency. By teaming with another giant, IBM, they will be able to achieve this task by using blockchain technology. The shipping industry has been around for centuries and usually they have stuck with old ways when it comes to business. This new blockchain technology will help the global shipping ecosystem. IBM and Maersk have announced that the new company is going to be based in New York. The supply chain industry and logistics of shipping are definitely in need of a revamp and will greatly benefit from this new technology. By following the blockchain technology, a shared ledger will be available for shippers, suppliers, port operators, and import and export parties. Tracking can be observed in real-time. In the past, manual tracking processes have created losses in the billions. Smart contracts will allow all of the participants to track information in real-time. Blockchain technology will also create visibility and efficiency. IBM is working on this software for Maersk, and it is known as Hyperledger Fabric. IBM has implemented cloud technologies, artificial intelligence, and IOT into the software and they are for tracking purposes. IBM forecasts a savings of $38 billion for Maersk. Countries have already successfully tested the software. U.S. Customs and Borders, Netherlands Customs, Peruvian Customs, and Singaporean Customs are just a few authorities that have tried it out. IBM is looking to release the product within six months.
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