Skip to main content

IBM Unveils Joint Blockchain Company with the World’s Largest Shipper


Shipping 
Early blockchain tech mover IBM and Danish shipping giant Maersk have announced a joint venture to digitize and enhance global trade efficiency and security using blockchain technology.
One of the world’s oldest industries that has long been notoriously averse to adopt modern technologies is getting a blockchain revamp.
In an announcement yesterday, IBM and A.P Moller – Maersk confirmed their intent to launch a new as-yet-unnamed company that will specifically develop blockchain technology built on open standards ‘designed for use by the entire global shipping ecosystem.’  The new company will be headquartered in New York.
Supply trade chains and logistics are two particular industries ripe for disruption and are certain to instantly benefit from adopting blockchain technology. An immutable, shared ledger with multiple participants including suppliers, shippers, port operators and export/import authorities will help companies continuously track and monitor shipments in real-time. Decades of operational inefficiency due to manual processes and breakages leading to billions in losses could be avoided. The blockchain will enable end-to-end supply chain visibility for all participants with data updated in real-time through a paperless system powered by smart contracts.
Maersk will implement and deploy IBM’s blockchain software – the Hyperledger Fabric – across its fleet, as well as use other cloud technologies in artificial intelligence and IoT to track shipments.
Maersk’s chief commercial officer Vincent Clerc stated:
“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.”

Development of the new joint-company comes amid an ongoing partnership between IBM and Maersk that began in early 2017. The blockchain, which includes a network of freight forwarders, ocean carriers and ports, will support a supply chain that set out to track 10 million containers by the end of the year. IBM estimates annual savings of approximately $38 billion among shipping carriers digitizing their processes using blockchain technology.
The endeavor has proved successful, creating solutions in pilots tested by the likes of Netherlands’ customs authority, the US Customs and Borders Protection, the Singaporean and Peruvian customs authorities as well as industry giants like General Motors and Procter and Gamble for supply chain management.
Awaiting the regulator’s green light, real-world implementation of the joint venture’s solutions are ‘expected to be available within six months,’ IBM added
Labels:

Comments

Post a Comment

Popular posts from this blog

Soaring Bitcoin Price Leads $159 Billion Crypto Market Recovery

Bitcoin  Well, somebody bought the dip. Just as critics were rushing to proclaim that the bitcoin bubble had burst, the markets staged a $159 billion recovery. The rally was headlined by the bitcoin price, which rebounded from its sub-$10,000 fling and is currently flirting with $12,000. Several other top-tier coins, meanwhile, returned single day increases in excess of 40 percent. Source: CoinMarketCap Altogether, the  cryptocurrency market cap  clawed its way back to $574 billion, representing a 38 percent recovery from Wednesday’s intraday low of $415 billion. Bitcoin Price Eyes $12,000 Wednesday served as a trial-by-fire for recent bitcoin investors, some of whom had purchased the flagship cryptocurrency for $19,000 at the height of the rally in mid-December. Bitcoin Price Chart The correction forced the  bitcoin price  below $10,000 for the first time since early December, but Thursday’s rally enabled bitcoin to regain a bit of the ground it had lo
77 comments
Read more

Bitcoin Laundering” Study: Where Do Criminals Turn to Mask Illicit Cryptoassets?

A recent study ( PDF ) from the Foundation for Defense of Democracies’ Center on Sanctions and Illicit Finance and blockchain analytics company Elliptic explored the “bitcoin laundering” ecosystem. In the study, Elliptic’s forensic analysis of the Bitcoin blockchain and other publicly available data were used to track the flows of illicit funds from 2013 to 2016. “This study aimed to identify where individuals turn in order to cash out or transmit bitcoins (BTC) acquired from illicit entities and to discover typologies for criminals ‘laundering’ bitcoins,” the report says. The study describes bitcoin laundering as a special type of money laundering that exists within the Bitcoin network where a user moves some bitcoins to a new address in a manner that obscures the original source of funds. The conversion of bitcoins into fiat currency on exchanges that lack adequate anti-money laundering (AML) and know-your-customer (KYC) policies can also fall under the category
97 comments
Read more

Bitcoin Brokers Reviews for Learning Trustworthy Brokerage Firm

When you are trading the cryptocurrency it is necessary to have accessibility to a relied on brokerage company. Though there are lots of brokerage companies available that can be counted upon, figuring out the one that can additionally ensure you attractive returns are essential. Undeniably with Bitcoin brokers’ testimonials you could do it fairly precisely. Bitcoinbrokers are services provider that allow you to buy Bitcoin anonymously for buyers, and also market Bitcoin at a premium. For customers of Bitcoin you will be provided a financial institution account with name, account number and directing information. You transfer loan right into the account to obtain Bitcoin in return. This is lot even more easier now than a pair of years ago. It goes without saying delving into Bitcoin profession is not as very easy as it seems. You require to do research, have an enough understanding of how the profession goes. Additionally, you should understand the sort of people that you are going
50 comments
Read more