IBM and Danish transport and logistics company Maersk declared Jan. 16 that they cooperate to establish an as-yet-nameless Blockchain-based transport and supply chain company. The aim of the adventure is to commercialize Blockchain for all aspects of the global procurement chain system, from transportation to ports, and banks to customs offices.
The technology of Blockchain is able to provide special monitoring for the logistics industry, since it can replace tiresome and dangerous paperwork with safe digital records that are also transparent.
Maersk’s major commercial officer Vincent Clerc, who will serve as chairman of the newly formed board for the joint venture, was quoted in the official announcement saying:
“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.”
The company had made a promise to make supply of the new project by the end of 2017. The proposal is the fulfillment of a year’s worth of planning by both companies, each of whom have invested in Blockchain in other different ways as well. The joint venture is hoping to start offering their software solutions by Q3 2018.