When two giants combine powers, the potential for great things is utterly endless. Firstly, IBM, giants of the business computing world. Stock prices in IBM are worth around $143.31 each. With an estimated revenue in 2017, of $79.14 Billion, you can probably see why I am referring to IBM as giants. Secondly, Moller-Maersk, a Danish transport, logistics and shipping company, arguably the biggest in the world, with a revenue in 2016 of $35.464 Billion, likewise, you can see why I may refer to Maersk, as giants. Okay, the partnership between IBM and Maersk is not breaking news, actually, IBM have been working with Maersk to introduce blockchain technology to the shipping industry since 2016. The premise is simple, blockchain technology can be used to totally reshape the way the shipping industry works, it can improve accountability, transparency and efficiency. According to South Korean news source, Korea Joongang Daily:
“Tim Smith, Asia-Pacific head of A.P. Moller-Maersk affiliate APM Terminals, said Thursday that the company, along with its blockchain business partner IBM, plans to release two applications that increase visibility and efficiency in the shipping trade within this year at a seminar held by the American Chamber of Commerce in Korea in Seoul.”See the full article for yourself, here- http://koreajoongangdaily.joins.com/news/article/Article.aspx?aid=3048547 These applications could in turn, spearhead a new movement for blockchain technology within the shipping industry. With shipping so closely linked to air freight, land shipping and most wakes of the transport industry in general, including passenger transport, the roll out of these new ‘applications’ could see the IBM and Maersk partnership, kickstart a new era for transport, changing the face of logistics and travel forever. By integrating blockchain technology into the way we move ourselves, and things, around the planet, the world as we know it could change. The implications of blockchain technology in logistics include new trade prices, new political agreements and of course, faster transfers. This could be the start of a very exciting change for the face of the logistics industry for sure.