Logistics prover Agility has become the first forwarder to collaborate on the Maersk-IBM blockchain solution initiative.

The solution will aim to provide more efficient and secure methods for conducting trade by using blockchain to manage and track containers.
In collaborating, Agility has agreed to share and receive information on individual shipments using this new technology.

Essa Al-Saleh, CEO of Agility Global Integrated Logistics, said: "Blockchain technology is going to make shipping cheaper, safer and more reliable. As early adopters, companies like Agility can help Maersk and IBM understand the needs of shippers and develop standards that will make trade more efficient.

"We can help customers understand how to use blockchain to improve shipment visibility, eliminate paperwork, reduce errors, and shorten transit and clearance times."
As a technology blockchain acts as a digital ledger which can be used to track shipments, documentation and payment transactions in a secure environment.

The belief is that the technology can improve workflows, enhance visibility and cut processing costs. Estimates suggest the documentation and administration costs of blockchain will be one-fifth less than the US$1.8m spent annually moving goods across borders.

The status of customs documents and bills of lading can be checked on the technology, while customs officials and border authorities will also be able to improve the information available for risk analysis. It is expected this will improve security as well as increase the efficiency of border checks.

Al-Saleh said: "For Agility, it's important to be involved early in blockchain and to work with forward-thinking companies like Maersk and IBM.
"Together, we have a lot to learn and share in order to bring the benefits of this technology to shippers and consumers as quickly as possible."

Source: Container Management