IBM and Maersk have announced plans to create a joint venture that will aim to develop a blockchain technology-based platform to help digitize and secure global trade operations.
The IBM-Maersk JV will be headquartered in New York and will offer a global trade digitization system based on open standards that can support the entire global shipping ecosystem, IBM said Tuesday.
Both companies also seek to commercialize a shipping information pipeline meant to help organizations manage a supply chain in real time as well as a paperless trade system intended to automate filing of documents through the new entity.
“This new company marks a milestone in our strategic efforts to drive the digitization of global trade,” said Maersk Chief Commercial Officer Vincent Clerc, who will chair the JV’s board.
Maersk and IBM plan to use cloud-based open source technologies such as artificial intelligence, analytics and internet of things systems in efforts to help clients transport and monitor goods across international borders.
The alliance will also establish an advisory board to be led by Michael White, former president of Maersk Line in North America.
IBM and Maersk have jointly developed blockchain- and cloud-based technologies since 2016.
Multiple customers have piloted such platforms including DuPont, Dow Chemical, Rotterdam Port Community System Portbase and the Customs and Border Protection agency, IBM noted.