Holt Logistics has become the first independent port operator in the north eastern US to conduct a pilot based on a blockchain-based global trade digitisation solution developed by Maersk and IBM.
The solution is designed to provide transparency and promote the sharing of information within the global trade ecosystem, which in turn can reduce costs, improve productivity and speed the delivery of goods shipped around the world.
The focus is the development of a highly secure digital ledger system using IBM Blockchain technology that will allow users of the network to transparently share information and updates about cargo as it moves around the world.
As a result, the technology can reduce the need for multiple records that currently are produced at each point in the shipping chain.The new technology can to save as much as 20 per cent of the cost of shipping transactions when the system is fully developed.
Holt Logistics and its affiliated company, Greenwich Terminals, operate the Packer Avenue Marine Terminal in South Philadelphia.
Thomas J. Holt III, business development manager for Holt Logistics, said blockchain technology represented the future of the industry.
“The investment in the blockchain platform, albeit different from recent hard asset investments like the crane purchases and facility enhancements, is another investment in the future of the Port of Philadelphia, designed to reduce costs and significantly improve the Port’s ability to add value to the customer,” he said.
“Our industry generates enormous amounts of paper work and data. We believe that blockchain technology will increase both information velocity and validity throughout the supply chain, unlocking billions of dollars in value for stakeholders each year.
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