There has been a huge amount of publicity around blockchain but very little application so far of this technology – but that is about to change due to schemes by Maersk and 300Cubits.
Maersk and IBM have announced a joint venture that will provide more efficient and secure methods for conducting global trade using blockchain technology. I believe that this will open the doors to the widespread use of blockchain in box shipping. This is because the global trade digitisation platform that Maersk and IBM are developing is not just being developed for Maersk’s use but for the global container shipping industry.
As Maersk chief commercial officer and future chairman of the board of the new joint venture, Vincent Clerc said “This new company marks a milestone in our strategic efforts to drive the digitisation 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.”
Global shippers, customs and government authorities and ports including APM Terminals and PSA are already exploring collaborating with the platform.
While there are also other initiatives that are bringing blockchain to the industry, many have not as yet revealed a start date.