IBM and Maersk intend to establish a joint venture in order to offer one of the first open platform for sharing information and developing digital products related to global trade. This new venture will aim at building an ecosystem of companies across the supply chain that will promote secure, efficient and transparent global trading networks.
Underpinned by blockchain technology, the open platform will at first address visibility and documentation challenges. The platform will provide and end-to-end supply chain visibly enabling all actors involved in the shipping transaction to exchange shipment events in real time. Moreover, paperwork will be significantly reduced as end users will be allowed to securely submit, stamp and approve documents across national and organizational boundaries.
“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,” said Bridget van Kralingen, senior vice president, IBM Global Industries, Solutions and Blockchain. “Our joint venture with Maersk means we can now speed adoption of this exciting technology with the millions of organizations who play vital roles in one of the most complex and important networks in the world, the global supply chain. We believe blockchain will now emerge in this market as the leading way companies seize new untapped economic opportunities.”
A few companies already expressed their interest in the platform’s features and capabilities: General Motors and Procter and Gamble to streamline their complex supply chains; Agility Logistics to improve customer services.