Holt Logistics, operator of the Packer Avenue Marine Terminal port in South Philadelphia is conducting a pilot on the IBM/Maersk blockchain.
IBM and Maersk announced the creation of a joint venture back in January 2018. Since 2014 the two companies have worked together on digitization initiatives. The purpose of the joint venture is to improve transparency, promote information sharing which in turn will reduce costs, and improve productivity and speed. They estimate that the savings could be as much as 20% of the cost of shipping.
In March the European Commission competition department approved the creation of the joint venture.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
