13 hrs ago
Global logistics provider Agility has announced it will be the first freight forwarder to collaborate with Maersk-IBM in harnessing blockchain technology to manage and track container shipments.
Agility in a statement said it will identify events associated with individual shipments and share and receive information about them via the distributed ledger blockchain technology developed by IBM and Maersk.
IBM and Maersk last year announced a partnership to use blockchain technology to help transform the global supply chain and strengthen risk management, including cyber security.
Maersk had earlier been a victim of a global ransomware attack that caused outages at its computer systems across the world and cost the company as much as $300 million in lost revenue.
Blockchain is a secure, immutable and tamper-resistant ledger that can be used to track shipments, documentation and payment transactions.
Its digital infrastructure can connect parties in the supply chain, giving them access to information and real-time visibility based on their level of permission.
In addition to showing the location of containers in transit, blockchain can show the status of customs documents, bills of lading and other documentation.
Several shipping companies including terminal operators are looking at new technology such as blockchain to enhance their cargo processing capabilities.
Last August, Singapore's Pacific International Lines, PSA International and IBM Singapore signed an agreement to explore and trial blockchain-based supply chain technologies for applications in various sectors including shipping.
Global terminal operator DP World said last month that it had signed a deal with Oracle Business Applications to advance digitalization through several technologies including blockchain.