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IBM partnering with Maersk to set up a joint venture with blockchain focused on global trade

IBM partnering with Maersk to set up a joint venture with blockchain focused on global trade

IBM and global shipping giant, Maersk, are setting up a joint venture to provide a developed digital platform that can speed up the trade and secure it, using blockchain technology.

Goods worth $4 trillion are shipped each year, 80% of which are carried by ocean shipping industry. If the barriers within international supply chain are reduced, an increase of around 15% could be experienced in global trade. This will also enhance the economies and create more jobs.

The collaboration between the two companies look promising, since IBM is leader in blockchain technology, while Maersk in container logistics. The joint venture has been designed for the entire shipping ecosystem worldwide, to provide more simplicity and transparency in carrying the goods.

The blockchain technology will help the shipping industry by digitalizing the global trade processes, empowering paperless trade. It will set up a shared and absolute record of transactions taking place within the network. This record can be accessed in real time, by only permissioned parties. It will form collaboration between a lot of trading partners, and enable a shared view of transactions, without having to compromise with privacy, details and confidentiality.

Along with the blockchain, IBM will also employ other open-source technologies including AI, IoT and analytics through IBM Services. A number of global corporations like General Motors and Gamble, are already showing their interests in the new venture to simplify their complex supply chains.

The joint venture will be headquartered in New York, and the solutions are expected to be available within next six months. Michael J. White, former president of Maersk, will be CEO of the venture.

IBM is leading ahead with innovations, and it received a record 9043 patents in 2017, topping the US patent list for 25 consecutive years. Of 9043, over 1400 patents were related to AI. The other areas in which IBM patented inventions were quantum computing, machine learning, blockchain technology, and security technologies.

“For the past 25 years, IBM’s patent leadership has changed the way the world works with advancements critical to the modern era of computing,” said Ginni Rometty, IBM chairman, president and CEO. “Today, nearly half of our patents are pioneering advancements in AI, cloud computing, cybersecurity, blockchain and quantum computing – and all are aimed at helping our clients create smarter businesses.”

Also read: BT customers can now access IBM Cloud services right from BT network

The other companies following IBM in the ‘US Patent Winner in 2017’ list were Samsung Electronics, Canon, Intel, and LG.

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