Danish shipping giant Maersk is set to implement a new supply chain management technology that was partly developed by the IBM Research lab in East Africa. Maersk and IBM last week said they would begin using blockchain technology to manage and truck paper trail of shipping containers as they crisscross the oceans. Blockchain is best known as the technology that underpins the world’s most successful cryptocurrency, Bitcoin. The simplest way to understand blockchain is to view it as the next iteration of that mainstay of bookkeeping— the ledger. Blockchain digitises the ledger. It also distributes it. This means that a single data entry on the ledger is simultaneously stored in thousands, if not millions, of computers in a specific network. Due to the distributed nature of information storage, blockchain has particularly been touted as a technology that will increase transparency and reduce corruption in various transactions. Recently, companies in the logistics and financial sectors have been exploring the use of blockchain for applications beyond cryptocurrencies. “The solution is designed to help reduce fraud and errors, reduce time products spend in the transit and shipping process, improve inventory management and ultimately reduce waste and cost,” said IBM in a statement. The blockchain supply management system will be accessible to a network of shippers, freight forwarders, ocean carriers, and customs authorities dealing with Maersk cargo. IBM says that each participant in the supply chain will be able to view the progress of goods in real time. Once data is entered into the...
Maersk now adopts bitcoin technology to track cargo
Posted on: March 15, 2017
Posted on: March 15, 2017