Enterprises around the world are implementing blockchain technology to improve processes and reduce costs. That allows companies to become more efficient. The Indian shipping conglomerate known as JM Baxi Group announced that is working with IBM in order to explore blockchain solutions of the logistic market.
JM Baxi and IBM Partnership
The shipping industry can be very benefited with the implementation of blockchain technology. That’s one of the main reasons why JM Baxi Group has decided to partner with IBM in order to explore new business areas, improve internal procedures, and leverage blockchain solutions.
With this partnership, Indian ports and supply chain companies will be able to address the current problems that they face by implementing blockchain technology. The partnership is expected to work within the country’s export-import (EXIM) trade and logistics market.
IBM and JM Baxi will work on different projects related to the EXIM trade and logistics space after signing a memorandum of understanding. This document explains that both enterprises have to set up a Technology and Innovation Council in order to use IBM’s tech expertise. At the same time, JM Baxi will provide industry knowledge to develop solutions aimed at improving the customer’s experience.
“The memorandum of understanding envisages a joint go-to-market on feasible technology solutions,” commented a spokesperson from JM Baxi.
One of the main goals of these two enterprises is to launch blockchain projects and studies that are based on the solution provided by IBM Watson. Other projects related to Artificial Intelligence will be analysed as well.
The shipping industry needs to deal with several bureaucratic processes that make it very inefficient. India is one of the most important countries on earth and it is planning to keep expanding. Its economy will be one of the biggest and strongest on earth, and its further development will be closely linked to the solutions it will find to improve its competitiveness.
Shipping Industry Growing with Blockchain Technology
IBM and Maersk have decided to create a new blockchain company that aims to commercialize blockchain technology. According to Michael White, CEO of Maersk, the pilot that they are developing has traced a container of flowers that sailed from Mombasa, Kenya, to Rotterdam in Netherlands. He has also explained that they have tracked other shipments from different parts of the world.
“The potential from offering a neutral, open digital platform for safe and easy ways of exchanging information is huge, and all players across the supply chain stand to benefit,” explains Vincent Clerc, Maersk’s chief commercial officer.
Blockchain is revolutionizing the way enterprises plan their business strategies. The shipping industries is one of the most benefited ones and will be much more efficient in the coming years.
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Image Courtesy of JM Baxi and Pixabay
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