Business Tech

Global Blockchain Enabled Shipping Solution Launched | IBM, Danish & Maersk join hands!

The latest media reports came out with a big news about the launch of the new blockchain technology enable shipment solution. According to what media has been publishing, Maersk, Danish, and IBM have joined their resources for this project of introducing blockchain technology into the shipping industry. Evidently, this news came out through a press release that was revealed today.

Tradelens, the blockchain based shipment solution comes into action!

As per this news, this newly jointly developed blockchain solution revealed that around 94 organizations have been involved and over 154 million shipping events have already been successfully captured.

The global supply chain platform has been dubbed ‘Tradelens” and evidently, the dataset is continuously growing at the rate of million shipping events per day.

Among the Tradelens’ participants come international customs authorities, freight forwarders, logistics firms, and cargo owners. Not only this, but they have also included 20 ports and terminal operators worldwide.

As per the media reports released, this Tradelens also counts global container carriers Hamburg Sud, and Pacific International Lines as participants.

See What the IBM and Maersk have to say about this?

IBM and Maersk mentioned that this new blockchain based platform is designed to bring together multiple trading partners to a single shared view of a transaction that too without compromising the details. Not only this but, this technology will also enhance the privacy and confidentiality as it will also integrate the Internet of Things and sensor data. These two additions will allow the monitoring of the multiple variables right from temperature control of the container to the weight of it.

Through this latest blockchain technology, it is certified that it will resolve and simplify several operational questions like – determining the location of the container.

IBM general manager and blockchain technology head, Marie Wieck said and we quote –

“We have seen a lot of skeptics talk about the validity of blockchain solutions […] I think with over 90 organizations and over 150 million events captured on the system we really are seeing proof in the pudding in terms of where people are spending their time to get benefits from blockchain.”

This new introduction of blockchain technology is all set to revolutionize the shipping industry. With the best knowledge of the industry and this newly found advanced technology is definitely going to raise the bars of the industry. Currently, Tradelens (unnamed) has been open to early adopters, however, it is expected to be commercially available by the end of 2018.

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