Holt Logistics Corporation has conducted a pilot based on a blockchain-based global trade digitization solution developed by Maersk and IBM.
IBM and Maersk began a collaboration in June 2016 to build new blockchain- and cloud-based technologies. In March 2017, they partnered to utilize the blockchain technology for cross-border supply chain management. In February 2018, logistics provider Agility joined the blockchain initiative. Earlier this year, IBM and Maersk announced a joint venture to tap blockchain potential for digitizing global trade.
Holt Logistics said that it has become the first independent port operator in the northeastern United States to join the blockchain initiative led by IBM and Maersk. Holt Logistics and its affiliated company, Greenwich Terminals LLC, operate the Packer Avenue Marine Terminal in South Philadelphia.
"We believe that blockchain technology will increase both information velocity and validity throughout the supply chain, unlocking billions of dollars in value for stakeholders each year. We are delighted to be a first mover with Maersk and IBM in adopting this technology platform here in the Ports of Philadelphia. This technology represents the future of our industry, and we are pleased to be a leader in putting it to work for our customers,” said Thomas J. Holt III, Business Development Manager for Holt Logistics.
The solution is designed to provide transparency and promote the sharing of information within the global trade ecosystem, which in turn can reduce costs, improve productivity and speed the delivery of goods shipped around the world. According to the official release, the new technology could help save as much as 20 percent of the cost of shipping transactions when the system is fully developed.
"We welcome Holt as an early adopter to our new platform, which we believe will bring efficiencies and improvements to all participants through digitized solutions backed by blockchain and other innovative technologies," said Michael J. White, who heads the initiative for Maersk and will serve as CEO of the new joint venture.
