One more city connected through blockchain and another port using distributed ledger technology. Holt Logistics Corp. is conducting a pilot that is based on blockchain technology. The platform has been developed by Maersk and IBM and is being tested at the Packer Avenue Marine Terminal in South Philadelphia.
Shipping Industry Renewed
The main intention of the program is to provide transparency and promote data sharing in the global ecosystem. Moreover, the platform would help the port reduce its bureaucracy by improving productivity and speeding up the shipping process.
Thomas Holt III, Business Development Manager commented:
“The investment in the blockchain platform, albeit different from recent hard asset investments like the crane purchases and facility enhancements, is another investment in the future of the Port of Philadelphia, designed to reduce costs and significantly improve the port’s ability to add value to the customer.”
The shipping industry requires a lot of information to be processed at the ports and by the companies involved in the sector. This creates several problems, reduces efficiency, consumes an important amount of time, and it requires expensive administrative paperwork.
“Our industry generates enormous amounts of paperwork and data. 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,” said Mr. Holt.
Holt Logistics is just an early developer of the blockchain platform. Moreover, Michael White – who is in charge of the initiative for Maersk will serve as the CEO of the joint venture.
Other companies like APL, Accenture and JM Baxi are also implementing and embracing blockchain technology to reduce costs, increase efficiency and enhance the shipping industry.
Image Provided by Holt Logistics