Dropping the Paper Trail
Imagine a world where paperwork is a relic of the past—sounds dreamy, right? That’s precisely what Maersk and IBM hope to achieve through their strategic partnership in the realm of Blockchain technology. According to their ambitious plans, by the end of 2017, this collaboration aims to streamline international shipping by significantly reducing the cumbersome paperwork that often clouds the ocean freight process.
Smart Contracts: The Future at Your Fingertips
At the heart of their Blockchain project lies the concept of smart contracts. These digital agreements will bypass the need for physical documents, allowing for a more secure and efficient transfer of goods. Just think: instead of tracking down lost forms like a game of hide-and-seek, shipping companies can focus on what truly matters—actually getting your cargo where it needs to be.
A Billions-Dollar Savings Perspective
With the potential to save billions of dollars across the industry, the promise of Blockchain is enough to make any accountant giddy with excitement. Ibrahim Gokcen, Maersk’s chief digital officer, believes that their innovations will not only drive down costs for producers and consumers alike but will also open the floodgates of global trade, making it accessible to an ever-expanding network of businesses.
IBM’s Blockchain Playground
This partnership is a milestone for Maersk but just another day at the office for IBM. With years of experience under its belt, IBM has been exploring Blockchain for a variety of use cases, fine-tuning their skills and knowledge through years of prior research. This partnership further cements their foothold in the tech-driven logistics space.
Others are Already Making Waves
Meanwhile, other players like the Commonwealth Bank of Australia and Wells Fargo have already dipped their toes in the Blockchain pool, successfully completing their first interbank trade using the technology from the US to China with a value of $35,000 worth of cotton. If that’s not a signal that the future of shipping is being reshaped before our eyes, I don’t know what is!
