94 organizations join a Blockchain trading platform, according to Maersk and IBM
According to a Reuters report, IBM and its conglomerate AP Moller- Maersk witnessed 94 companies joining forces to make improvements through Blocochain in their shipping and logistics operations.
Develop transport and logistics activities in several areas
The companies signed their partnership earlier this year to set up a core platform dedicated to the Blockchain. This approach is aimed at coordinating international container delivery and addressing the logistical needs of transit and commercial financing.
Instead of just shipping a container from one port to another, the goal of the new strategy is to enhance the platform with additional features and provide end-to-end services for business transactions beyond borders.
Among the 94 participants in the joint venture are the customs authorities of Australia and the Netherlands, a network of 20 port operators from Singapore and Hong Kong, terminals covering 234 maritime gateways and Pacific International container carriers. Lines (PIL).
Foster the adoption of global trading partners
The solution called TradeLens is still in the pilot phase. The tests have been conclusive so far because the Blockchain can reduce delays by minimizing documentation errors as much as possible.
The platform "is expected to be fully commercialized by the end of the year," according to the report. Its success depends on Maersk and IBM's ability to convince industry players to join."The big thing missing in this industry to digitize and unleash the potential of technology is really creating a form of utility that brings standards across the ecosystem," said Vincent Clerc, Maersk's commercial director. , during an interview with Reuters in January.According to Reuters, more than $ 4 billion worth of goods are transported annually through shipping containers in supply chains.
On the other hand, more than 80% of the products consumed daily are transported by sea.
IBM and Maersk are probably the two largest entities to use Blockchain technology in supply chain management and logistics. Nevertheless, others joined them in their approach. OpenPort announced the storage of logistics data on the Blockchain operated by Fr8 Network earlier this week . The company tends to manage the proof of delivery and other information related to logistics. They should facilitate the payment of suppliers and the financing of trade.
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