Logistics firm AP Moller-Maersk and tech giant IBM announced that they are signing up users for their new and innovative blockchain-based cross-border supply chain program powered by TradeLens.
IBM and Maersk have announced a joint venture earlier this year, but they have since then tweaked their partnership, and will now work on the TradeLens platform courtesy of a pre-existing contract.
“By joining our deep knowledge of trade with IBM’s capabilities in blockchain and enterprise technology, we are confident this new company can make a real difference in shaping the future of global trade,” the official announcement on Maersk’s official website states.
TradeLens is a neutral platform designed from the ground up to securely exchange logistic information about the shipping process.
Up until now, IBM and the transport and logistics giant have signed up over 90 organizations to their program to manage and track tens of millions of shipping containers around the world. The technology has already been integrated into more than 20 ports and terminal operators across the globe, including PSA Singapore and the Port of Rotterdam.
With this platform, both partners hope to reduce fraud and errors, reduce the time various products spend in transit, improve inventory management, and help reduce the overall cost and cut down on waste.
Official statements of representatives of both companies
The announcement also quotes the words of Vincent Clerc, Chief Commercial Officer at A.P. Moller – Maersk and future Chairman of the Board of the new joint venture: “This new company marks a milestone in our strategic efforts to drive the digitization of global trade. The potential for offering a neutral, open digital platform for safe and easy ways of exchanging information is huge, and all players across the supply chain stand to benefit.”
“Our work with Maersk and other enterprises in the shipping ecosystem has shown that blockchain can be used to form a strong, connected network in which all members gain by sharing important data and that together we can transform a vital part of how global trade is conducted,” Bridget van Kralingen, SVP, IBM Global Industries, Solutions and Blockchain also declared.