The joint venture aims to revolutionize the global shipping industry with blockchain technology at its heart.
IBM, in partnership with Maersk, is launching their own blockchain based solution to the complex world of the global shipping trade, the joint company the two giants have formed is so far unnamed. The aim of the initiative is to simplify the complex process of transporting goods across the worlds myriad of disparate trade zones. The system, based on a blockchain developed in-house by IBM, has two key goals; providing a shipping information pipeline with a real-time and completely transparent view of merchandise movement, the system is all based on the concept of smart contracts replacing the currently complex and labor-intensive paperwork process. The initiative was first trailed in 2016.