Reuters: “Maersk, IBM discontinue shipping blockchain platform”

Barcelona, Dec 5, 2022.- Shipping company Maersk (MAERSKb.CO) said it would discontinue a blockchain platform announced in 2018 in partnership with IBM (IBM.N) with the aim of limiting the industry’s costly paper trail.

The platform called TradeLens will be phased out by the end of March next year, Maersk said. “While we successfully developed a viable platform, the need for full global industry collaboration has not been achieved,” the company said in a statement.

Around the world, blockchain technology has already started redefining the scope of the logistics industry. With its long list of real-world applications, blockchain has been adopted for different purposes by many leading e-commerce and logistics companies.

High value inventory tracking

FMCG corporate giants such as Walmart, Unilever, Nestle have partnered with IBM to develop an advanced tracking system for food items with the help of blockchain. The concept has already been piloted in China and Mexico where Walmart successfully tracked meat and mangoes to identify spoiled/infected batches of food. Blockchain also helps in tracing the origin of pharmaceuticals, transport of medicinal drugs, and the procurement of these raw materials. If implemented worldwide, blockchain based inventory tracking can help in better stock keeping of high value items.

Secure invoicing and payments

Blockchain-powered smart contracts can come in handy to simplify transactions and payments across businesses. For instance, fintech firm Tallysticks has devised a blockchain-based software that can handle invoicing and payments for other businesses.

Fraud detection

Keeping customer demand in mind, Everledger has deployed blockchain in the diamond industry, for verifying the authenticity of the precious stones. They track each diamond to establish its origins and the information is provided to the end customers. In the long run, this policy can reduce counterfeits and prevent illegal trafficking.

Improved supply chain transparency

Sustainability marketing brand Provenance collaborated with a coconut importing company from Indonesia to prove how blockchain can improve transparency in the supply chain. Using blockchain, they developed a foolproof system which ensured that all coconut farmers get fair compensation. This added transparency ultimately helped the coconut brand grow as their customers got impressed by the fair trade practices. Many other B2B logistics companies are also trying to incorporate blockchain in their supply chain to achieve similar objectives.

Fair freight marketplace

Blockchain-powered freight platform ShipChain introduced a system which uses transparent blockchain contracts that can readily integrate with other systems in use. The goal is to unify tracking across multiple shippers and ultimately use the database to build a decentralized market, where companies can choose a shipping partner based on transparent data on their costs and past performance.

Dispute resolution

Delayed deliveries, misplaced orders or damaged shipments can cause a lot of customer disputes, eventually bringing down a company’s reliability. FedEx has undertaken blockchain to resolve customer disputes by sharing detailed information to both sender and receiver before pickup and after deliveries.

Leave a Reply

Please log in using one of these methods to post your comment: Logo

You are commenting using your account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s