Blockchain for cargo

A.P. Møller-Maersk and IBM are forming a joint venture to test the blockchain in the cargo industry - in order to accelerate trading processes and also to make them cheaper. 80% of everyday goods are transported via ship freight but one fifth of the total transport costs are created by the large number of documents and middlemen - with the same potential to reduce expenditures, which should also benefit customers. Manufacturers, shipping and transport companies, ports, terminals and customs authorities should therefore be brought together in order to enable a common and unchangeable recording of all data in the blockchain system. At this joint venture, Maersk and IBM are currently focusing on providing real-time information to all parties and to digitize customs clearance. IBM is also working together with several banks on the Blockchain based "Batavia" platform to finance trading of commodities, in which the Austrian “Erste Group” is also participating.


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