IBM and Maersk decided to form a blockchain joint venture that will be solely based on creating a worldwide trade platform. They had both announced a partnership last year focused on digitising the supply chain via a blockchain platform. Now Maersk and IBM see enough potential to launch a separate company. They stated that their mandate for the new company will be to "create jointly developed worldwide trade platform that will launch a global digitizing company".
Blockchain technology revolves round a distributed ledger that keeps record of all transactions placed within a network. Each part of the network has established permission and data is secured.
The move to create a joint venture comes as hype concerning technology and crypto currencies such as bitcoin-- see SEC:suspends trading of blockchain-firm with unexplained market activity.
For IBM and Maersk could capitalize on a global shipping structure that can be made more efficient. IBM and Maersk will use Big Blue's cloud. Video: Why some of the biggest companies in the world are now investing in blockchain?
The chief commercial officer at Maersk and chairman of the joint venture, Vincent Clerc said the new marks a milestone in the efforts to digitize global trade.
A few key points about the joint venture:
- Micheal J. White, former president of Maersk Line in North America will be the CEO of the new company.
- The company plans to commercialise a shipping information pipeline that will provide supply chain visibility in real time.
- The new company will have its base in New York, with product from the joint venture available within six months.
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