IBM and a Danish shipping company Maersk partnered up to launch their own blockchain based solution for the global shipping trade. They initiate to simplify the sophisticated processes of transporting goods across the world to the most remote places. IBM is developing the system, which has two main goals: to provide a shipping information pipeline in a real-time mode and completely transparent track of goods movements. As currently this process is based on labor-intensive paperwork, the system will be functioning on the fundamentals of the smart contracts, making the process faster, more secure and productive.
Mentioned in the press-release in 2016 for the first time, Maersk said:
“More than $4 trillion in goods are shipped each year, and more than 80 percent of the goods consumers use daily are carried by the ocean shipping industry. The maximum cost of the required trade documentation to process and administer many of these goods is estimated to reach one-fifth of the actual physical transportation costs. According to The World Economic Forum, by reducing barriers within the international supply chain, global trade could increase by nearly 15 percent, boosting economies and creating jobs.”