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Submitted by Norm on Tue, 01/16/2018 - 14:03

IBM, Maersk launch blockchain platform for tracking cargo

Jan. 16, 2018 8:42 AM ET|By: Brandy Betz, SA News Editor

IBM (NYSE:IBM) and A.P. Moeller-Maersk A/S (OTCPK:AMKAF, OTCPK:AMKBF) have launched a company using blockchain tech to track international cargo.

IBM will provide the back end and support for the tech while Maersk, the world’s largest shipping line, will become the first to use the platform. The new company expects to sign up more shippers along with ports and customs officials. 

Maersk will own 51% of the business and former Maersk North America head Michael White will serve as the CEO. 

White says the company will track 18% of ocean containerized trade on its first day.

The NY-based service will become available in 2H18 assuming it passes regulatory approvals. 

IBM shares are up 1.5% premarket.