The blockchain-based global trade digitization solution developed by Maersk and IBM is tested for the first time by Holt Logistics, an independent port operatior in the northeastern US. The blockchain solution offers transparency, while promoting information sharing within the global trade ecosystem. This is expected to reduce costs, quicken delivery of goods, and improve productivity. Holt Logistics and its affiliated company, Greenwich Terminals LLC, operate the Packer Avenue Marine Terminal in South Philadelphia.
The highly secure digital ledger system developed by IBM, in collaboration with Maersk, allows users of the network to transparently share information and updates about cargo as it moves from one port to another. The technology avoids the need for producing multiple records that currently are produced at each point in the shipping chain. One the technology is fully developed, it is estimated that users of the solution will save as much as 20% of the cost of shipping transfactions.
Thomas Holt III, Business Development Manager for Holt Logistics said
“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. Our industry generates enormous amounts of paper work 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. We are delighted to be a first mover with Maersk and IBM in adopting this technology platform here in the Ports of Philadelphia. This technology represents the future of our industry, and we are pleased to be a leader in putting it to work for our customers.”
Michael White, who heads the initiative for Maersk and will serve as CEO of the new joint venture, said
“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.”
Todd Scott, VP, Global Trade – Blockchain, IBM said
“As the leading enterprise blockchain vendor, IBM is working with clients in many sectors all over the world to help build blockchain applications that can transform entire business models – even entire industries. Our work with Maersk for the global shipping industry and planned joint venture focused on using blockchain to help drive the digitization of global trade will benefit port operators such as Holt Logistics Corporation, logistics companies, customs authorities, shippers, freight forwarders, transportation companies and more.”
About Holt Logistics Corp.
Holt Logistics Corp. is a technology, marketing and corporate service organization, providing logistics management solutions in dynamic segments of the transportation industry. Founded in 1926 as a one truck delivery service, the family-run business has grown exponentially to become the dominant cargo handler for the Port of Philadelphia and a major advocate for international business development. Through its affiliates, Holt Logistics operates both the Packer Avenue Marine Terminal in South Philadelphia and the Gloucester Marine Terminal in Gloucester City, NJ, allowing the company to handle both containerized and break-bulk cargo imports from the South Pacific, Europe, Africa, South and Central America.