The Report On Why IBM Teams With Maersk For A New Blockchain Shipping Solution
Together with IBM, Maersk is finding a solution to digitize the shipping process. As technology pioneers, IBM promises a bright future for Maersk. Read along to know more.
IBM + Maersk = Blockchain Shipping Solution
Working together for more than a year, IBM and the shipping giant Maersk has developed a blockchain-based shipping solution called TradeLens moving the project from Beta into limited availability. The GM for IBM Blockchain, Marie Wieck explains that the product provides a way to digitize every step of the global trade workflow transforming it into a real-time communication and visual data sharing tool.
In the context as it is being developed jointly by the two companies, TradeLens has IBM providing the underlying blockchain technology and Maersk bringing the worldwide shipping expertise involving three major components including the blockchain that provides a mechanism for tracking of goods from factory or field to delivery, secondly, APIs built for new applications on top of the platform on which these two companies have built, and finally a set of the standards thereby to facilitate data sharing amongst the different entities in the workflow such as customs, ports and shipping companies.
According to Wieck it has changed how the companies have traditionally tracked shipped goods as blockchain with many of the entities in the system has digitized the process, the data that has been trapped in silos with the previous attempts sharing EDI that is limited where the challenge they tend to think of a linear flow as they only have visibility one up an one down in the value chain.
Offering a couple of obvious advantages over previous methods is the blockchain for starters as Weick says it's safer as the data is distributed making it much more secure with the digital encryption built-in as the greatest advantage comes as though the visibility it is providing. Checking an aspect of the flow in real-time every participant or auditor or another authority can therefore easily track the entire process from start to finish by just clicking on a block that is in the blockchain whereas instead of requesting the data from each entity manually.
Why Are IBM And Maersk Teaming Up?
Further on she states that it won't completely prevent fraud as it does help reduce by putting more eyeballs onto the process and in case of fraudulent data at the start, the blockchain won’t help prevent that whereas it does help with what is multiple people validating every data set and can get greater visibility as something doesn’t look right.
Thereby in the case of APIs, the system is seen to becoming a shipping information platform with developers building on top of that and taking the advantage of the data in the system to build even greater efficiencies. Hereafter by pulling it together and aligning with the APIs the standards provide a standard Bill of Lading starting by incorporating existing industry standards also looking for gaps that slow things adding new standard approaches benefitting everyone in the system.
The application comes with the companies having 94 entities in 300 locations and so far around the world, they are using TradeLens including customs authorities, the ports, cargo shippers, and logistics companies and opening the program to limited availability with the goal of a full launch. Ultimately Wieck sees TradeLens facilitating trade by building in trust as the end goal of any blockchain product. She also adds that already under having an early adopter program, it has coverage of 300 trading locations around the world with a very good basis for the global exchange of information personally thinking that visibility creates trust, and also help in a myriad of ways.
While the tech giant is eyeing what is called a major technology overhaul, Maersk is witnessing a sudden growth in its business thanks to the technology underlying blockchain application called TradeLens. We hope you have a vague idea of the trade tie-up whereas it is here that IBM has introduced the decentralized ledger technology. Being cloud storage, the data involved is safe and secure. The encrypted keys help maintain the strength of the data of each transaction. Additionally, the customers can track their shipments and this is where the blockchain technology is headed. Therefore, we now know why the TradeLens is being observed as one major step towards improving the technology being used by shipping giants to carefully transport the cargos.
Now here we present the case study of Maersk depending on the tech giant IBM to further improve their shipping process. As companies need a safe and secure process for their cargos, it is here that the technology of blockchain helps improve transportation without costing them excess charges. This of course attracts companies as they have a reliable company with reliable technology to help improve trade business across the continents.