Maersk and IBM to develop new digital global trade solution
MAERSK and IBM are teaming up to use blockchain technology to help transform the global, cross-border supply chain by developing a new digital global trade solution using the Hyperledger Fabric framework.
Both companies plan to work with a network of shippers, freight forwarders, ocean carriers, ports and customs authorities to build the new solution that will go into production later this year, reported American Shipper.
"The solution will help manage and track the paper trail of tens of millions of shipping containers across the world by digitising the supply chain process from end-to-end to enhance transparency and the highly secure sharing of information among the trading partners," an IBM press release stated.
IBM said the solution has the potential to save the industry billions of dollars, and noted how costs associated with trade documentation processing and administration are estimated to account for up to one-fifth the actual physical transportation costs.
For shippers, the planned solution can help reduce trade documentation and processing costs, and help eliminate delays associated with errors in the physical movement of paperwork.
For customs authorities, the solution is intended to give real time visibility, significantly boosting the information available for risk analysis and targeting, as well as border inspection clearance procedures.