Kuwaiti logistics firm Agility Logistics said today it would be the first international freight forwarder to apply the blockchain technology platform developed by Maersk Line and IBM Corp. to manage its international container shipments.
Maersk and IBM launched a joint venture in January that applies blockchain technology to create a transparent, indelible trail of each transaction. This will allow users to improve the efficiency and security of global trade and transportation operations, the partners have said.
Agility plans to use the technology to integrate shipment information onto a secure platform accessible to shippers, carriers, freight forwarders, and others in the supply chain, the company said. Trading partners can use Blockchain to track shipments, documentation, and payment transactions, as well as showing the location of containers in transit and the status of customs paperwork and bills of lading, the firm said.
"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," Agility CEO Essa Al-Saleh said in a statement. "We can help customers understand how to use blockchain to improve shipment visibility, eliminate paperwork, reduce errors, and shorten transit and clearance times."