IBM, Maersk Partner To Bring Blockchain-Based Trade Platform
Zacks Investment Research | Jan 16, 2018 09:49PM ET
To extend its primacy in blockchain technology, International Business Machines Corporation (NYSE:IBM) is joining forces with the largest container shipping firm in the world, A.P. Moller-Maersk. The partnership is intended to deliver a secure and efficient industry-wide trading platform using blockchain technology.
IBM and Maersk will use blockchain technology to power this new platform, as well as artificial intelligence (AI), IoT and analytics imperative delivered through IBM Services. Primarily aimed at cost cutting and speeding up trade, the platform will address the need to provide more transparency and simplicity in tracking shipments across borders and trading zones.
Further, this platform will deliver much needed innovation in the ocean shipping industry and aid IBM in branching out its foothold in this space.
Per market data, goods worth more than $4 trillion dollars are shipped each year, of which 80% are transported by the ocean shipping industry. Offering this platform for use to the global shipping industry will boost IBM’s top-line.
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