Blockchain Market to be Worth Nearly $14 Billion by 2022 – Port Technology International

January 19, 2018

The global blockchain technology market is expected to grow at a compound annual growth rate (CAGR) of 42.8% be worth US$ 13.96 billion by 2022, according to a new report by global market intelligence firm Netscribes.

The Global Blockchain Technology Market report has found that the top companies investing in blockchain, a digital ledger in which transactions made in bitcoin or another cryptocurrency are recorded, are Microsoft and IBM.

IBM recently announced that it was starting a joint venture with A.P. Moller – Maersk to provide more efficient and secure methods for conducting global trade using blockchain technology.

Microsoft has also undertaken a lot of initiatives and has merged with several start-ups in the recent years to apply blockchain in insurance, supply chain and also in IOT cloud.

Read Port Technology’s range of technical papers which focus on the different ways blockchain will be used by the container shipping industry

The report also found that blockchain technology is being “extensively used” in the BFSI segment for financial transactions and cross-border payments.

More at: Blockchain Market to be Worth Nearly $14 Billion by 2022 – Port Technology International

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What Blockchain Means to Supply Chain – SupplyChainBrain

By Robert J. Bowman     January 19, 2018

Blockchain has the potential to transform supply chains.

What Blockchain Means to Supply Chain

Blockchain technology was created to support transactions involving Bitcoin and other cryptocurrencies. But it has quickly emerged from that dark and mysterious world to offer an invaluable tool for business in general, and global supply chains in particular. Touted as a secure, immutable system of record for any number of transactions between business partners, it seems an ideal tool for managing the complex web of relationships that make up a typical supply chain. On this episode, we learn about the applicability of Blockchain to supply chains from Jack Shaw, executive director of the American Blockchain Council. He explains just what Blockchain is, and offers his vision of the crucial role it will play in supply chains in years to come. Companies are promised an unprecedented level of security, convenience and efficiency. According to Shaw, Blockchain and supply chains have at least one thing in common: They’re both “team sports.” Hosted by Bob Bowman, Managing Editor of SupplyChainBrain.

More at: What Blockchain Means to Supply Chain – SupplyChainBrain

IBM And Maersk Teaming Up To Create New Blockchain Company – Tech Times

By Jean-Pierre Chigne    January 17, 2018

IBM and Danish shipping company Maersk announced that they will be involved in a joint venture to create a new blockchain company focusing on global trade. The two companies have been working together for some time.

The relationship began in 2016, with both companies creating a partnership to digitize supply chain using blockchain technology.

Shipping Blockchain

The new company will be based in New York owned exclusively by both companies. Maersk will own the majority at 51 percent, and IBM will own 49 percent. It will focus on international shipping. It aims to help those involved with global supply chains track shipments and replace paperwork.

IBM and Maersk first test with the blockchain was during their initial partnership in 2016. Both traced a container of flowers from Mombasa, Kenya, to Rotterdam, The Netherlands. After several tests, both saw the capabilities of the technology.

More at: IBM And Maersk Teaming Up To Create New Blockchain Company – Tech Times

Blockchain Supply Chain Firm Chronicled Adds Two Key Executives to Team – BlockTribune

By Bruce Haring    January 16, 2018

Blockchain supply chains firm Chronicled has added Susanne Somerville and Eric Garvin to its executive team. Both are joining to support the development and delivery of  Pharma solutions for Chronicled’s platform and product offerings.

Somerville and Garvin previously served as co-founders and principles of the LinkLab, a supply chain consulting practice focused on delivering solutions to meet worldwide serialization requirements.  Since 2016, the LinkLab has been involved in a joint effort with Chronicled to develop new technologies to help the Pharma industry become compliant with the Drug Supply Chain Security Act (DSCSA).

More at: Blockchain Supply Chain Firm Chronicled Adds Two Key Executives to Team – BlockTribune

4 Supply Chain Trends to Watch in 2018 – EBN

By Vivek Soneja    January 3, 2018

Supply chains are as old as commerce, but today, supply chain operations are evolving at an unprecedented clip. Modern supply chains are incredibly dynamic. Processes that used to be essentially linear (plan, buy, make, move) are now intertwined and circular. That means flexibility, agility and responsiveness in supply chain planning are more important than ever before.

The most critical barriers to streamlining supply chain planning and optimizing operations is the inability to dynamically adjust and execute plans in response to changing market conditions. The ability to sense shifts in demand and respond on a near-real-time basis is critical, and that requires next-generation technologies that connect people with data.

As 2018 unfolds, processes developed for linear supply chain operations will increasingly be replaced by connected planning processes that enable dynamic decision-making. This approach will allow organizations to account for factors like profitability when making decisions. New governance models and fresh takes on leadership will also be required.

More at: 4 Supply Chain Trends to Watch in 2018 – EBN

Marine and transport re/insurance to be transformed by blockchain and IoT: LMA – Reinsurance News

By Marianne Lehnis    January 2, 2018

In coming years the marine and transport re/insurance sector stands to be rapidly transformed by blockchain and IoT technology, both in terms of the risks they underwrite and how they do so, creating new opportunities for re/insurers.

Blockchain tile image via ZDNet“IoT could also give insurers access to new data, such as station-keeping data for floating offshore platforms or data on ‘hogging and sagging’ of super tankers, which would enable insurers to monitor fatigue of vessels,” according to the Lloyd’s Market Association Viewpoint publication.

Although blockchain and IoT technologies are currently in the pilot stage within the marine and logistics sector, Lloyd’s stated that these lines of business are expected to be among the biggest adopters of IoT.

New initiatives to incorporate the technologies include a blockchain supply chain system, piloted by IBM and Maersk – it’s being used by Maersk to process 10 million containers this year.

More at: Marine and transport re/insurance to be transformed by blockchain and IoT: LMA – Reinsurance News

Chinese Company Wants Consumers to Track Chickens from Their Smartphone – Extra Crispy

By Tim Nelson    December 19, 2017

Despite the concept’s popularity, we usually just have to take the farm’s word for it when it comes to assessing farm-to-table practices. But if a new venture in China combining free-range chicken farming and facial recognition software is any indication, diners could soon enjoy unprecedented insight into the life cycles of our meals.

Launched by Chinese insurance tech company ZhongAn, “GoGo Chicken” will use blockchain technology (the same anti-data tampering tech that makes cryptocurrencies like Bitcoin so valuable) to power facial-recognition software that connects consumers with their pre-ordered chicken via smartphone app. GPS tracking will also show off just how far the free-range birds travel, and other tracking systems will monitor their diet over the course of their four to six-month lifespan (compared to just 45 days for factory-raised poultry).

More at: Chinese Company Wants Consumers to Track Chickens from Their Smartphone – Extra Crispy