Maersk, the world's largest container ship operator, has partnered with IBM to use the firm's Hyperledger Fabric to track shipments on the blockchain. Following a successful pilot, the project will be scaled up to cover 10 million of the 70 million containers shipped each year. IBM believes that the use of distributed ledgers could save the world's shipping firms a total of $38bn annually. Paperwork and other inefficiencies account for 15% - 20% of costs associated with moving shipping containers. IBM now intends to expand its solution to other carriers and bring the technology into production later this year.
Maersk, the world's largest container ship operator, has partnered with IBM to use the firm's Hyperledger Fabric to track shipments on the blockchain. Following a successful pilot, the project will be scaled up to cover 10 million of the 70 million containers shipped each year. IBM believes that the use of distributed ledgers could save the world's shipping firms a total of $38bn annually. Paperwork and other inefficiencies account for between 15% and 20% of costs associated with moving shipping containers. IBM now intends to expand its solution to other carriers and bring the technology into production later this year.