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IBM and Danish transport and logistics giant Maersk launched the global shipping solution blocked by blockchain, according to an official press release today, August 9th.
The new jointly developed blockchain solution revealed 94 organizations involved and 154 million shipping events already captured. The global supply chain platform has been dubbed "TradeLens" and its data set is growing at a rate of nearly a million shipping events a day.
According to the press release, the platform is able to track critical data for each shipment in a supply chain in real time, generating a record distributed and immutable on the fly.
TradeLens participants now include over 20 port operators and terminals worldwide, as well as international customs authorities, shippers, logistics companies and freight owners, the press release reports.
Also counts global container carriers Hamburg Süd and Pacific International Lines as participants, alongside Maersk Line. As Forbes notes today, "collectively, shipping companies account for more than 20% of the global supply chain market share … [and serve] 235 marine ports worldwide."
IBM and Maersk claim the new blockchain-enabled platform It is expected that it will bring more business partners "to a single shared view of a transaction without compromising details, privacy or confidentiality", further integrating the Internet of Things (IoT ) and sensor data that allow the monitoring of a series of variables, from temperature control to container weight.
The platform is said to be able to simplify a range of basic operational questions, such as determining the position of a container, from 10 steps involving five intermediaries to a single unplanned pass.
IBM's chief executive and blockchain chief, Marie Wieck, told Forbes:
"We have seen many skeptics talk about the validity of blockchain solutions […] I think with over 90 organizations and over 150 million events caught in the system, we are really seeing evidence in the pudding in terms of where people are spending their time to benefit from the blockchain. "
Maersk and IBM first bet their departure away from legacy technology platforms when they started a 12 months trial for what would become TradeLens in March 2017. The study revealed that the blockchain-enabled solution could "reduce the transit time of a shipment of packaging materials to a 40% US production line, "Saving" thousands of dollars. "
The TradeLens as not yet named was originally scheduled for the end of 2017. At open to the first users, it is expected that it will be available on the market by the end of this year.
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