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Skou says Maersk is ahead of CMA CGM and Cosco in terms of blockchain

Maersk and IBM's digital platform Tradelens is, despite a lack of support from other shipping companies, at a "much more advanced stage" than the new blockchain initiative launched by Cosco and CMA CGM, among others, says Maersk Group CEO Søren Skou.

Photo: Bloomberg

Maersk Group and IBM's plans to roll out their blockchain technology to shipping companies, shippers and customs authorities now faces competition from five of the world's biggest liner shipping companies, which plan to develop their own solution.

But despite the fact that major competitors such as CMA CGM, Cosco Shipping, Evergreen Marine Corp, OOCL and Yang Ming have formed a consortium to establish an open platform with a similar focus, Maersk Group CEO Søren Skou believes that development of the joint Tradelens platform together with IBM is at a more advanced stage than the competing initiative, he said at a press conference following publication of Maersk's third quarter interim report.

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