“The paperwork and processes vital to global trade are also one of its biggest burdens,” according to Maersk, the world’s largest container shipping company, which has teamed up with International Business Machines Corp. to enable real-time tracking of its cargo and documents using blockchain. “The paper trail research that Maersk did uncovered the extent of the burden that documents and processes inflict on trade and the consequences.”
Blockchain Is About to Revolutionize the Shipping Industry
Globalization has brought the most advanced trading networks the world has seen, with the biggest, fastest vessels, robot-operated ports and vast computer databases tracking cargoes. But it all still relies on millions and millions of paper documents.
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