Holt Logistics has become the first independent port operator in the northeastern United States to adopt the global trade platform based on the blockchain technology developed by Maersk and IBM, informs Port Technology.
The solution was launched last year and aims to provide transparency and promote the sharing of information between all players of a supply chain system in real time and in an encrypted form, thus helping eliminate fraud and errors, reducing costs, transit times and promoting sustainable transport.
Holt Logistics and its affiliated company, Greenwich Terminals LLC, operate the Packer Avenue Marine Terminal on the Delaware River in South Philadelphia. The terminal handles containers, steel, project and heavy-lift cargoes, as well as perishable goods, such as frozen meat and fruit.
Thomas J. Holt III, Business Development Manager for Holt Logistics, said: “The investment in the blockchain platform… is another investment in the future of the Port of Philadelphia. 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. This technology represents the future of our industry, and we are pleased to be a leader in putting it to work for our customers.”
In January 2018, Maersk and IBM announced the intention to establish a joint venture to commercialize and scale their jointly developed blockchain-based global trade digitization platform to a broader group of global corporations. Once the necessary regulatory approvals are obtained, the JV will be established with headquarters in the New York metropolitan area. Maersk and IBM have named Michael J. White, former president of Maersk Line in North America, as CEO of the new company.
Michael J. White stated: “We welcome Holt as an early adopter to our new platform, which we believe will bring efficiencies and improvements to all participants through digitized solutions backed by blockchain and other innovative technologies.”
Since its launch, the platform is being tested by a number of selected partners interested in developing smarter processes for trade, including DuPont, Dow Chemical, Tetra Pak, Port Houston, Rotterdam Port Community System Portbase, the Customs Administration of the Netherlands, U.S. Customs and Border Protection.