In the shipping industry, where a single container can go through dozens of people and organizations, effective record-keeping is crucial. IBM and Maersk are now collaborating to help shipping companies manage their massive paper trail with blockchain. Digitizing the shipping records process using blockchain technology is a move that could increase transparency and security in record-keeping, and potentially save the industry billions of dollars.
Several trading partners, government authorities and logistics companies are participating in the pilot, including the U.S. Department of Homeland Security Science and Technology Directorate and U.S. Customs and Border Protection.
“We believe that this new supply chain solution will be a transformative technology with the potential to completely disrupt and change the way global trade is done,” said Bridget van Kralingen, Senior Vice President, Industry Platforms, IBM.
IBM and Maersk expect to have the industry-wide system available later this year.
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Frequently Asked Questions
Why is record-keeping a challenge in shipping?
In the shipping industry, a single container can pass through dozens of people and organizations, so effective record-keeping is crucial and companies must manage a massive paper trail.
What were IBM and Maersk working on together?
In 2017, IBM and Maersk announced a collaboration to help shipping companies manage their paperwork by digitizing the shipping records process using blockchain technology.
What benefits could blockchain bring to shipping?
The article says digitizing shipping records with blockchain could increase transparency and security in record-keeping and potentially save the industry billions of dollars.
Who took part in the pilot?
Several trading partners, government authorities and logistics companies participated, including the U.S. Department of Homeland Security Science and Technology Directorate and U.S. Customs and Border Protection.
How did IBM describe the potential of the project?
Bridget van Kralingen, IBM's Senior Vice President of Industry Platforms, said the supply chain solution could be transformative and completely disrupt the way global trade is done. IBM and Maersk expected the industry-wide system to be available later in 2017.