Maersk said on Thursday that 94 companies and organizations have so far joined a blockchain platform that it is developing in partnership with IBM, an initiative aimed at providing more efficient and secure methods for conducting global shipping trade.
Port operators in Singapore, Hong Kong and Rotterdam, customs authorities in the Netherlands, Saudi Arabia, Singapore, Australia and Peru, and container carrier Pacific International are among the firms and organizations that have joined the platform, Reuters reports, citing a statement.
The platform is still in the pilot phase and “is expected to be fully commercially available by the end of this year,” according to the statement.
The TradeLens platform aims to help manage and track the paper trail by digitizing the supply chain process from end to end.
Under its new strategy, which includes the creation of an industry-wide blockchain-based trading platform, Maersk aims to expand its transport and logistics business in areas such as freight forwarding and trade finance.
It wants to provide end-to-end solutions for customers rather than just shipping a container from port to port.
Success of the platform depends on whether Maersk and IBM can convince industry players to sign up.
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