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    Industry News
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    Industry NewsBlockchain will revolutionize the shipping industry

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    Blockchain will revolutionize the shipping industry
    2019-11-30

    ?Globalisation has brought with it the most advanced trading networks in history, as well as the largest and fastest ships, robot-operated ports and vast computer databases that track cargo movements. But the process of trade still depends on millions of paper documents.

    ?The last vestige of 19th-century trade is about to disappear. A.P. moeller-maersk A/S and other container lines have teamed up with technology companies to upgrade the worlds most complex logistics system. ? ?

    ?The move would revolutionise world trade on a scale not seen since the introduction of standardised containers in the 1960s, a change that ushered in the era of globalisation. But the scale of the task is as great as the change it could bring. To make progress, dozens of shipping companies around the world and thousands of related institutions -- including manufacturers, Banks, insurers, brokers and port authorities -- must work out an agreement to integrate all the new systems into one giant platform. ? ?

    ?If they succeed, documents that take days to process will eventually be completed in just a few minutes, most of which require no human input. The cost of transporting goods across continents could fall sharply, giving new impetus to the movement of manufacturing or raw materials and goods from abroad.

    ?"This will be the biggest innovation in the industry since the standardisation of containers," said Rahul Kapoor, an analyst at Bloomberg Intelligence in Singapore. "These container lines are integrating into the outside world and catching up in technology."

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