Maersk And IBM Are Bringing Blockchain To The Global Shipping Industry
This program will help manage and track the paper trail of tens of millions of shipping containers traveling the globe
International Business Machines (IBM) and Maersk, the world’s largest container shipping company, have come together to create a digitized supply chain pilot. This program is based off of the Hyperledger Fabric, which manages and tracks the paper trail of tens of millions of shipping containers traveling the globe. They call it a ‘Blockchain’.
The Blockchain would reduce the cost and complexity of keeping track of this information. In 2014, Maersk discovered that the paperwork for a shipment of refrigerated goods often goes through 30 different people from different organizations, causing errors and fraud. As a solution to this, the Blockchain gives all the organizations involved a clear overview of the shipment items and the shipping status. No party involved can change, modify or delete any of the records in the Blockchain without permission from the other parties involved.
IBM and Maersk intend to have 10 million of the 70 million annual container shipments on the Blockchain by the end of 2017.