Holt Logistics Corporation has become one of the early adopters of the IBM blockchain-based solution for trade logistics built in partnership with Maersk.
Holt says it is the first independent port operator in the northeastern United States to test the global trade digitization platform powered by IBM blockchain platform, Hyperledger Fabric.
The international shipping carrier and its subsidiary, Greenwich Terminals LLC are trialing the blockchain-powered shipping solution at the Packer Avenue Marine Terminal in South Philadelphia.
The goal is to provide transparency and promote sharing of information within the global trade ecosystem. Holt expects to use the technology to reduce shipping costs, accelerate delivery of cargo, and improve productivity by reducing the heavy paper documentation associated with the global shipping chain.
The immutable digital ledger system jointly developed by IBM and Maersk, enables businesses to transparently share information and track cargo as it moves from one port to another. Once fully developed, it is estimated that the system will save customers up to 20 percent on the shipping transaction fees.
Thomas J Holt III, Business Development Manager for Holt Logistics, said:
“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. We are delighted to be a first mover with Maersk and IBM in adopting this technology platform here in the Ports of Philadelphia. This technology represents the future of our industry, and we are pleased to be a leader in putting it to work for our customers.”
In welcoming Holt to the global trade platform, Michael White, who heads the initiative for Maersk and who will also serve as CEO of the new joint venture, said the blockchain solution will “bring efficiencies and improvements” to all adopters by leveraging “digitized solutions backed by blockchain and other innovative technologies.”
Meanwhile, Todd Scott, VP of Global Trade at IBM Blockchain division reiterated that the tech company’s focus is to work with companies in various sectors to implement blockchain technology that will transform their business processes. He added that the joint initiative can “drive the digitization of global trade” and that it “will benefit port operators such as Holt Logistics Corporation, logistics companies, customs authorities, shippers, freight forwarders, transportation companies, and more.”