Maersk's blockchain venture Tradelens has gained momentum during the coronavirus pandemic, as it has made customers realize that there were many gaps in their supply chains, Tradelens CEO tells Børsen.
Last year, Maersk's biggest rivals gave blockchain platform Tradelens their seal of approval. Now Tradelens is well on its way to integrating those companies' data, and the first pilot projects with the big shipping companies have already been launched, Tradelens tells ShippingWatch.
The World Economic Forum has just presented its recommendations for how industries such as shipping can use blockchain technology in the supply chain. Blockchain could gain ground after the coronavirus pandemic.
Tradelens CEO Mike White sees it as unlikely that there will be only one platform for the industry overall after the Maersk venture has now gathered a majority of the container market. He opens the door to alternative methods to get the remaining players on board.
Startups are popping up everywhere in the shipping industry, which has to be innovate and digital like never before. The industry is, however, still behind in terms of digitalization, Wärtsilä tells ShippingWatch.
Three months after its launch, 11 shipping lines have joined Maersk's Tradelens platform, but the major competitors are staying away, and the liner company acknowledges that the platform is only interesting if everyone's on board. CEO Søren Skou expects this will happen in 2019.
Nine out of ten shipping executives believe that blockchain technology will transform the sector, but a lack of trust between industry players stands in the way of progress, says Boston Consulting Group. Maersk's Tradelens and other platforms illustrate this.
Ni ud af ti shippingchefer tror, at blockchain vil vende op og ned på industrien, men manglende tillid får industrien til at spænde ben for sig selv, mener Boston Consulting Group. Det er Maersks Tradelens og andre platforme et billede på.
It is healthy that there are now two competing blockchain platforms for container shipping, as they can push each other to develop strong solutions for the industry overall, says shipping analyst Lars Jensen.
Big shipping industry players such as Cosco Shipping, CMA CGM and DP World have signed a letter of intent regarding a blockchain partnership. This comes in the wake of Maersk's difficulty in getting other big carriers to join its platform.
None of Maersk's largest rivals, the world's largest shipping companies, have at this point opted to participate in the digital platform TradeLens. "Without that network, we don't have a product," says IBM's project leader to media Coindesk.
Blockshipping, a digital platform to register 27 million containers, and the brainchild of several former Maersk executives, was unable to raise the necessarry funding through an ICO. CEO Peter Ludvigsen talks to ShippingWatch about the next steps for the venture.
Maersk and IBM are now able to present a name and a more precise description of what the two companies' digital collaboration on blockchain technology entails. Besides Maersk Line and Hamburg Süd, one other carrier has signed up.
A total of 22 European countries have signed a partnership for a joint infrastructure based on blockchain. The Danish business minister says that Denmark will be the first country to start using the technology in shipping.
"It can certainly not be ruled out that we at some point will look at ownership structure," Maersk CEO Søren Skou tells ShippingWatch after the shipping company's blockchain venture with IBM is criticized in the sector.
Maersk and IBM's blockchain solution for the container sector is not relevant to CMA CGM and Hapag-Lloyd in its current form. There is a need for a joint industry standard, says Hapag-Lloyd CEO Rolf Habben Jansen.
A dry bulk cargo shipped by Cargill last week broke new ground in the sector, as the financial transaction was performed through blockchain technology. This marks the first kind of this transaction, according to bank HSBC, reports the Financial Times.