One of the industries that have long looked like it would benefit massively from adopting blockchain technology is that of shipping. It is a business that is well-known for being paper-based. Maersk has been using a blockchain platform designed with the help of IBM to help improve the efficiency for their operations.
This has led to a number of similar projects popping up in the space. Many don’t want Maersk to dominate this sector in the future, as they are currently in charge of about 90% of trade in the world.
The second largest manager for containers in Hong Kong is joining up with a new blockchain solution. This will help them with the documentation of their logistics data. Modern Terminals Limited is the only participant in Hong Kong in the TradeLens blockchain platform. This was created by Maersk alongside IBM and it is set to be officially launched by the end of 2018.
This will allow the entire supply chain to be seen in a single piece in the same place. It will allow all of the various operators involved in the supply chain to work together much more closely, which will drive up efficiency levels.
The current system used is still largely based on paper and is liable to fraud and is inefficient. Instant verification is conducted, which has all now changed.
Other competitors are now cropping up for TradeLens. They include Crimson Logic, which is based out of Singapore. They are the main operator of the container port in the country, being a shareholder with 45% control. They are working on their own platform for helping with the documentation process and supply chains in their shipping efforts.
This is certainly going to be a space that derives a lot of benefits from using blockchain technology in the coming years.