IBM and Maersk to improve trade using blockchain

Maersk shipping company and IBM announced on January 16 that they will open a company to provide more efficient methods for conducting global trade using blockchain technology
16 January 2018   895

IBM, American multinational technology company headquartered in New York, and Maersk, the world's largest container shipping company, known for reliable, flexible and eco-efficient services, have announced their partnership on January 16, 2018.

The aim of the partnership is to build a new company, which will develop global trade digitization platform built on open standards, designed for use by the entire global shipping ecosystem, and the one which will "address the need to provide more transparency and simplicity in the movement of goods across borders and trading zones".

The two main goals of the new project are stated as follows:

  • A shipping information pipeline, which should provide supply chain visibility and security of information about shipment
  • Paperless Trade, which should digitize paperwork to reduce the time and cost for clearance and cargo movement

Moreover, Maersk shipping company and IBM plan to establish an advisory board of industry experts to develop the platform and provide open standards.

Bakkt to be Launched in December

It is also reported that Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure
19 October 2018   39

The expected launch of the Bakkt will take place on December 12 of this year. It is reported by The Block, citing informed sources.

Also, the material states that the investment bank Goldman Sachs does not plan to create custodial cryptocurrency solutions based on the Bakkt infrastructure. At the same time, the bank is considering the possibility of trading futures on a new platform.

In a recent Fortune interview with Bakkt, Kelly Lofler said that the cryptocurrency market is on the verge of a revolution comparable in size to the one that occurred on the energy market in the early 2000s.

Greater institutional participation in the digital asset markets requires secure and regulated custody solutions. We are impressed by BitGo’s product, unique services, and the management team. We view our investment in BitGo as an exciting opportunity to contribute to the evolution of this critical market infrastructure.

Rana Yared

Managing director, Goldman Sachs’ Principal Strategic Investments group

Bakkt is a cryptocurrency unit of the Intercontinental Exchange (ICE), which is the operator of the New York Stock Exchange. Giants such as Microsoft and Starbucks are taking part in creating of the new project, which is positioned as an “ecosystem for digital assets”.

The new platform will offer deliverable bitcoin futures to the market (unlike the settlement contracts for CBOE and CME, these are based on the underlying asset). The platform will support multiple fiat currencies.