IBM, Maersk Form New Blockchain Company for International Cargo
- Joint venture expects shippers, ports to use new service
- Company targets the second half of 2018 for program debut
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IBM and A.P. Moeller-Maersk A/S have started a company that will use new technologies such as blockchain, a digital ledger best known for underpinning bitcoin, to track cargo movements and automate paperwork for shipping across international borders.
Maersk, the Danish conglomerate that owns the world’s largest container shipping line, will be the first to use the new platform, while International Business Machines Corp. will provide the back end and support for the technology. The new company said it expects to sign up large shippers, ports and customs officials for the service, set to become available in the second half of 2018.