After several test runs over the past 18 months, Danish shipping giant, Maersk, are forming a new partnership with IBM. The venture, to be based in New York, will be 51% owned by Maersk and 49% by IBM, Fortune reported on January 16th.

The new company (with no name so far) aims to use blockchain technology in commercial applications to secure and speed up global supply chains. Blockchain\'s distributed ledger technology will help the shippers to track their freight, as well as customs and port authorities, banks and other financing stakeholders. The system will also implement immutable digital record-keeping on the Blockchain, instead of paperwork which is vulnerable to tampering.

A trial run in summer of 2016 successfully tracked a container-load of flowers from Mombasa in Kenya to Rotterdam, Holland. Joining up with commercial partners including TetraPak, Dow Chemical and Dupont, this trial was followed up with several more tests to assure the two founding companies of the system\'s commercial potential. Other major companies are also looking into the supply chain potential application of blockchain, including Lever, Procter and Gamble and General Motors.

The new joint venture company will streamline delivery schedules, and more importantly, the documentation, which often slows down delivery and allows perishable goods to be ruined, eating up some 20% of overall transportation expenses.