The World’s Largest Shipping Firm Now Tracks Cargo on Blockchain

Maersk Line

The Danish shipping giant Maersk has revealed the completion of its first live blockchain trial, aimed at simplifying the way in which it sends trillions of dollars worth of products around the world.

Coming at a time when the firm that accounts for 15.8% of the world’s global shipping fleet traffic has experienced a sharp decrease in annual revenue, the application was designed to help save costs by moving the expensive and time-consuming paperwork between each of the counterparties to a blockchain-based smart contract system.

Built in partnership with IBM using Hyperledger’s open-source Fabric blockchain, the test resulted in a trans-Atlantic shipment of goods from Schneider Electric, a French energy management and automation company.

Following the successful test, Ibrahim Gokcen, chief digital officer for Maersk Transport Logistics, said that the company sees a potential role for the technology in its supply chain management process, and is exploring other applications as well.

Gokcen told CoinDesk:

“We believe blockchain has a huge potential for supply chain applications. We don’t think it’s yet ready for prime-time fully, and that’s why we’re exploring, piloting in different use cases, to really understand what are the initial applications of blockchain.”

The shipment in mid-February, took two weeks to move

Read more ... source: CoinDesk

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