Maersk – the transport and logistics company from Denmark – and IBM have announced that they are coming together to work as one to create a Blockchain-based shipping and supply chain venture. The project has yet to be named, but it is thought the company has been set up in order to commercialise Blockchain in order to cover the entire global supply chain system. This will include customs offices, banks, and all aspects of shipping and ports.

The project was first mentioned a while back, with delivery expected prior to the end of 2017, and a year of planning taking place on both sides. IBM and Maersk have invested in Blockchain in a number of ways, and this new venture hopes to be able to offer its services through software solutions in Q3 2018.

The idea from the new company is to provide a neutral and open digital platform that offers a safe and simple solution to exchanging information throughout the supply chain network. Blockchain and smart contract technology is on the increase, with companies such as PeerPay and Populous providing a stable and secure platform to perform routine tasks.

Blockchain offers the foundation to provide this service, and is potentially game-changing within the logistics industry, replacing outdated, boring, repetitive and time-consuming tasks, as well as insecure paper records.