IBM and Maersk have jointly launched a blockchain-based shipping supply chain platform, a strong example of the application of this technology. According to a press release the project already involves 94 organizations and 154 million shipping events.
The platform, named TradeLens, enables users to track important data about shipments in real time and to generate a distributed record on the go. TradeLens’ participants include ports, terminals, international custom authorities, logistics firms, cargo owners and global container carriers.
IBM and Maersk’s press release claims that blockchain and IoT bring “a single shared view of a transaction without compromising details, privacy or confidentiality” to the shipping supply chain. The technology will also simplify basic operational tasks and eliminate the need of middlemen. Earlier tests showed that a blockchain-enabled solution could “reduce the transit time of a shipment of packaging materials to a production line in the US by 40 percent, saving thousands of dollars.”
The platform is expected to be commercially available by the end of this year.