Swiss MSC and French CMA CGM, the second and fourth largest shipping companies in the world, have joined the TradeLens blockchain project developed by logistics giant Maersk together with tech leader IBM.
The app was created to reduce the bureaucratic burden on shipping companies. MSC and CMA CGM will make up half of all products shipped using blockchain.
At present, expenses on paperwork make up to 20% of shipping costs. Distributed accounting technology will help minimize these costs, and partnerships between TradeLens and firms like MSC and CMA CGM can radically transform the market playing field.
The TradeLens platform was launched in August 2018. Using IoT and blockchain technologies, the system can track containers with products, control shipping conditions and other variables.