IBM and Maersk created a blockchain-based platform for digitizing trade. Agility will now also broadcast/receive shipping data via this technology. Thus, the company seeks to reduce documentation and management costs.
Agility CEO Essa Al-Saleh said that with the help of blockchain, delivery will not only become cheaper, but safer and easier as well. The technology simplifies delivery, by showing the status of customs forms, consignments and other documentation, which, in turn, makes delivery inspections faster. The information obtained on sea traffic will help in the comprehensive risk analysis.
Other blockchain initiatives are also being discussed: management processes consolidation, trade financing and product origins. But the US company does not plan to implement them all at once, because this could create a fragmented system with not much different from the existing one.
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