Holt Logistics Corp. is conducting a pilot based on blockchain-based global trade solution developed by Maersk and IBM at the Packer Avenue Marine Terminal in South Philadelphia.
The program is designed to provide transparency and promote data sharing in the global trade ecosystem, cutting costs by improving productivity and faster shipping times, according to a news release.
A highly secure digital ledger system with IBM blockchain technology allows users to share information about cargo in transit, reducing the need for multiple records produced at each shipping point in the chain.
Holt Logistics and its affiliated company Greenwich Terminals LLC operate the Packer Avenue Marine Terminal.
“The investment in the blockchain platform, albeit different from recent hard asset investments like the crane purchases and facility enhancements, is another investment in the future of the Port of Philadelphia, designed to reduce costs and significantly improve the port’s ability to add value to the customer,” Thomas Holt III, business development manager, said in the release. “Our industry generates enormous amounts of paperwork and data. 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.”
Holt Logistics is an early developer of the blockchain platform, Michael White, who leads the initiative for Maersk and will serve as CEO of the joint venture, said in the release.