Leading logistics provider Agility has announced its collaboration with IBM and Maersk on their joint blockchain initiative.
Headquartered in Kuwait, Agility has become the first freight forwarder to collaborate on the Maersk-IBM solution that aims to provide more efficient and secure methods for conducting global trade by using blockchain technology to manage and track container shipments.
IBM and Maersk began a collaboration in June 2016 to build new blockchain- and cloud-based technologies. Last month, they announced a joint venture to tap blockchain potential for digitizing global trade. In March 2017, they partnered to utilize the blockchain technology to manage transactions among network of shippers, freight forwarders, ocean carriers, ports and customs authorities.
Under the collaboration, Agility will identify events associated with individual shipments and share and receive related information via the distributed ledger technology (DLT) developed by IBM and Maersk. It aims to reduce costs and enhance shipping efficiency by integrating information about shipments onto a secure platform accessible to shippers, carriers, freight forwarders and others in the supply chain.
“Blockchain technology is going to make shipping cheaper, safer and more reliable. As early adopters, companies like Agility can help Maersk and IBM understand the needs of shippers and develop standards that will make trade more efficient,” said Essa Al-Saleh, CEO of Agility Global Integrated Logistics. “We can help customers understand how to use blockchain to improve shipment visibility, eliminate paperwork, reduce errors, and shorten transit and clearance times.”
