Fast Group

a reliable partner in the global shipping industry.
The aim of the JV is to use blockchain to accelerate the digitisation of global trade.  As well as remove waste and create new opportunities for all participants in the global supply chain.

The yet-to-be-named New York-based joint venture is set to be owned 51% by Maersk and 49% by IBM .
The concern intends to help all stakeholders in the global supply chain to streamline record-keeping of their freight and replace related paperwork with tamper-resistant digital records.

In Vincent Clerc’s linkedIn article, the Executive Vice President, Chief Commercial Officer at A.P. Moller – Maersk states that :
“It is important for me to stress that the platform will be open to all and neutral in nature.
All parties will be able to use the solutions, including competitors to Maersk and IBM.
That’s why we spin it off in a separate company with clear rules that protect the corporate data provided by the players in the ecosystem.

Together with IBM, we have created the first two applications that will be on the platform, one facilitating Paperless Trade and the other creating better visibility for the Shipping Information Pipeline.
The first digitises trade documentation using blockchain technology to securely submit, stamp and approve documents for clearance and cargo movement.
The second gives complete visibility of shipment events through a supply chain.
These two applications will only be the start, as we invite all players in the supply chain to jump on board the platform and offer new applications based on our shared data and technologies.”

The technology behind the venture has already been widely tested. IBM and Maersk first partnered on a blockchain trial in summer 2016.
With pilot users like Dupont, Dow Chemical, Swiss food processor Tetra Pak, and various ports and customs offices.