IBM and Maersk Are Creating a New Blockchain Company
IBM (NYSE:IBM) and A.P. Moeller-Maersk A/S (OTCPK:AMKAF, OTCPK:AMKBF) have launched a company using blockchain tech to track global cargo.
The two companies announced a partnership a year ago focused on digitizing the supply chain via a blockchain platform.
Bridget van Kralingen, senior vice president, IBM Global Industries, Solutions and Blockchain, added: "The major advances IBM has made in blockchain have shown that the technology can foster new business models and play an important role in how the world works by building smarter businesses".
The companies are rolling out a new blockchain platform created to save up billions of dollars, while also managing and tracking tens of millions of shipping containers around the globe.
Maersk and IBM are now establishing an advisory board to help further shape the platform and its potential services.
Blockchain technology revolves around a distributed ledger that keeps a record of all transactions placed within a network.
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The implementation of blockchain is likely partly fuelled by Maersk's desire to create a more secure and transparent, industry-wide system that should make it harder for cyber criminals to infiltrate. IBM will also contribute cloud-based open source technologies including AI, IoT and analytics, delivered via IBM Services, to help companies move and track goods digitally across global borders.
The companies announced their intent to establish a joint venture yesterday (16 January), having already collaborated to build new blockchain and cloud-based technologies since 2016.
IBD'S TAKE:A wave of venture capital investment is pouring into blockchain technology startups, many of them directly involved in Bitcoin or other cryptocurrencies. Maersk's container and port operations were hit for weeks, as it struggled to bring its IT systems including some 1,500 applications back online. The new company said it expects to sign up large shippers, ports and customs officials for the service, set to become available in the second half of 2018.
Procter & Gamble, Agility Logistics, the Peruvian customs agency, global terminal operator APM Terminals, and the Guangdong Inspection and Quarantine Bureau are a few of the companies and agencies planning to explore the technology, according to the release.
The joint venture will be headed by the previous chief of Maersk Line's North American operations, Michael J. White.
It will also promote the potential for blockchain to move the industry towards true paperless trade by digitising and automating paperwork filings by "enabling end-users to securely submit, validate and approve documents across organisational boundaries, ultimately helping to reduce the time and cost for clearance and cargo movement".
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