Home / News / Blockchain Technology Can Cut Costs by $27 Billion Annually (businesskorea)

Blockchain Technology Can Cut Costs by $27 Billion Annually (businesskorea)

The era of containers equipped with Internet of Things (IoT) sensors that automatically check the related data is arriving.

Denmark-based Maersk Line, a shipping giant in the global market, joined hands with IBM in March to apply the blockchain technology to its logistics systems. The company plans to make all the routes of 10 million containers traceable.

Maersk will make its new bloackchain platform work this way. When a shipper sends a ship order to Maersk, the process will be shared with product manufacturers, shipping companies, ports, warehouses and customs offices. All the data regarding to the product moving path will also be sent in real time. In short, all the interested parties that participate in the transactions will be easily aware of the process. Security has been strengthened as well. Unlike the past when all the transaction information were stored in large computers or servers, hackers need to break in all the computers connected with the network to launch a cyber-attack.

Rest at http://www.businesskorea.co.kr/english/news/industry/20142-blockchain-craze-shipping-industry-blockchain-technology-can-cut-costs-27

Source: businesskorea
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