IBM Corp. (NYSE: IBM) and Maersk announced their new blockchain company focused on providing consumers a more efficient and secure method for global trade.
The new company will create a digital global trade platform built on open standards and designed to be used by the world’s shipping system. The blockchain will help simplify shipping goods around the world.
The joint venture initially plans to commercialize two core capabilities to digitize the global supply chain from end-to-end.
Blockchain, just like almost every other blockchain based technology, will keep a digitally stored data of transactions in a secured private network. The blockchain will allow consumers to build and scale active networks, cross border payments, supply chains, and digital identification.
“This new company marks a milestone in our strategic efforts to drive the digitization of global trade. The potential from offering a neutral, open digital platform for safe and easy ways of exchanging information is huge, and all players across the supply chain stand to benefit,” said Vincent Clerc, chief commercial officer at Maersk and future chairman of the board of the new joint venture.
"The major advances IBM has made in blockchain have shown that the technology can foster new business models and play an important role in how the world works by building smarter businesses," said Bridget van Kralingen, senior vice president, IBM Global Industries, Solutions and Blockchain.
IBM quotes The World Economic Forum saying that if we reduced “barriers within the international supply chain, global trade could increase by nearly 15 percent, boosting economies and creating jobs,” which the new blockchain technology with Maersk intends to do.
"Our joint venture with Maersk means we can now speed adoption of this exciting technology with the millions of organizations who play vital roles in one of the most complex and important networks in the world, the global supply chain.” said Kralingen.
IBM and Maersk have previously both worked on blockchain technology for shipping cargo supply back in 2016.
“By joining our knowledge of trade with IBM’s capabilities in blockchain and enterprise technology, we are confident this new company can make a real difference in shaping the future of global trade.” said Clerc.
“Technology is changing everything about our world today, and it’s about time to let it change our business,” said Michael White, former president of Maersk Line in North America.