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.
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
By Stuart Lauchlan December 20, 2017
FedEx’s 2017 will be remembered for the TNT cyber-attack, but it’s heading into 2018 on growing e-commerce and a lively innovation agenda.
Life in my house for the past couple of weeks has been a stream of parcel delivery services turning up with (usually inappropriately large) cardboard boxes. This may be the most wonderful time of the year, but it’s one of the busiest for mail and delivery service providers.
At FedEx, CEO Frederick Smith is confident that he’s looking at a record holiday season in 2017. Assuming he’s correct, it will be an upbeat end to a year that will be best remembered for a high-profile cyber-attack during the summer at the firm’s TNT Express arm in Europe.
Things are now back to normal there, Chief Operating Officer David Bronczek insists, although that’s come at a high price. The cost of integrating TNT into the wider FedEx operation over the next four years has shot up from $800 million to an estimated $1.4 billion – and a lot of that increase is down to the need to beef up the IT infrastructure. Bronczek says:
The IT recovery process is complete. We have improved our reliability, we have improved our security, and we are also increasing our investments to expedite portions of the integration process. While we have been successful in our efforts so far, restoring the full confidence of our customers is our key goal…Our focus remains on service to our customers, course our customers’ priority and hardening our IT environment.
More at: FedEx aims to deliver on Blockchain, autonomous vehicles and tougher security – diginomica
By Brian Straight December 19, 2017
BlockArray looks for companies willing to pilot blockchain-enabled tech
Blockarray is building blockchain-enabled products, including a chain-of-custody solution that utilizes barcodes. Photo: Shutterstock
When your CEO asks you to get some of that blockchain he has heard so much about, many CTOs are left trying to explain that you just can’t buy blockchain. But as the underlying technology for a suite of new supply chain solutions, blockchain will be extremely useful to the CEO – even if he doesn’t understand exactly what it is.
Fortunately, more companies are building applications to run on blockchain, which provides a trusted, immutable digital record of transactions and is viewed as a game-changing technology for the supply chain. Chattanooga, TN-based BlockArray is one of the companies working to develop blockchain-enabled solutions, and it is looking for companies to participate in pilot studies.
“It’s using an open-source blockchain, Hyperledger Fabric and Ethereum enterprise,” co-founder San Bacha explains to FreightWaves.
More at: BlockArray looks for companies willing to pilot blockchain-enabled tech — FreightWaves
By Tim Sandle December 17, 2017
To make the process of parking easier for businesses and for consumers a blockchain company has come up with a smart solution, based on a decentralized network and the use of a cryptocurrency.
For the busy business employees spending time finding parking spaces and then having to find a parking meter to pay (either in advance or on exit) wastes valuable time, especially when making deliveries or visiting clients. A smart parking solution aims to make this process easier.
The smart parking solution comes from the company NetObjex (based at Newport Beach in the U.S.). The technology makes use of the IOTA decentralized network. IOTA is described as the ‘ledger of things’ and it enables devices can trade exact amounts of resources on-demand. The service also allows data to be captured and stored from sensors and dataloggers securely and to be verified via the ledger.
IOTA is described as decentralized because IOTA has no miners. This means each participant in the network that is making a transaction, actively participates in the consensus. As such, IOTA is probably, according to Baltic Data Science, more decentralized than any other blockchain.
With assistance from Lydia Mulvany and Ryan Collins December 15, 2017
(Bloomberg) — Blockchain is upending the world’s financial markets with the rise of bitcoin, and now the digital-ledger system is poised to do the same next year for raw materials like food and energy.
Companies including BP Plc, ABN Amro Group NV and Mercuria Energy Group Ltd. said last month they will adapt blockchain to streamline physical energy transactions. In October, four banks joined a venture started by UBS Group AG and International Business Machines Corp. to use the technology in a platform for the global goods trade. Natixis SA and Trafigura Group Ltd. announced in March they will employ the system to finance buying and selling oil.
“We’re talking about this massive change in the way that business is being done,” said Eric Ervin, the chief executive officer of Reality Shares Inc., a San Diego fund manager that created an index to track returns of companies adopting the technology. “Everything happens automatically, without a bunch of paperwork, processing and transferring.”
More at: Bitcoin points way to ‘massive change’ for commodity trading – Information Management
By Asaf Shalev December 6, 2017
Israel-based startup Wave partnered with BBVA to streamline trade documents submission for a deal between Mexico and Spain, reducing a process that takes 7-10 days to 2.5 hours
Spanish bank BBVA and Israel-based startup Wave Ltd. have carried out a pilot to streamline the submission of import and export documents using blockchain technology, the bank announced in a blog post last month.
BBVA tested Wave’s technology in a transaction involving the sale of 25 tons of frozen tuna from a supplier in Mazatlan, Mexico to a company in Barcelona.
A container ship (Illustration). Photo: Gidi Shaprut
The documentation process for international trade—from initial transmission of trade documents to final verification and authorization—usually takes 7-10 business days, but with the pilot, it took only 2.5 hours, said the bank, whose full name is Banco Bilbao Vizcaya Argentaria, S.A.
More at: Blockchain Pilot Drastically Expedites Shipping Documentation Process – CTech
By Brian Straight November 30, 2017
One of the common questions surrounding blockchain is how it will be utilized in the supply chain. Many people assume smart contracts, transparency and quicker payments will be early uses. For Rana Basu, founder and president of Consurgo, that discussion is ongoing on a daily basis.
“As we commercialize it, what blockchain is giving us is a way to sign off on a contract,” he told members attending the recent Blockchain in Transport Alliance (BiTA) meeting in Atlanta. “That fingerprint is the legal validity on the blockchain.”
Consurgo built an oil and gas consortium based in Geneva that includes BP, Shell, Vitol, Glencore, Mercuria, Trafigura, Koch Supply and Trading and three global banks. That consortium joined forces to work on reducing friction in oil logistics. Consurgo is now working to implement emerging technologies such as blockchain into the oilfield logistics sector through an organizational readiness toolkit to enable enterprise adoption.
More at: How a smart contract works in oilfield applications — FreightWaves