The world’s biggest maker of smartphones and semiconductors may use the technology behind cryptocurrencies to manage its vast global supply network.
Thrust into the spotlight by bitcoin’s meteoric rise, blockchain technology has been touted as a breakthrough that will transform the way transactions are recorded, verified and shared. While its impact on the corporate world has been limited so far, Gartner Inc. predicts blockchain-related businesses will create $176 billion of value by 2025.
Blockchain proponents in the shipping industry say the technology reduces the time needed to send paperwork back and forth and to coordinate with port authorities. Documentation costs for container shipments are more than twice as big as those for transportation, according to International Business Machines Corp., which is working with A.P. Moeller-Maersk A/S to track cargo movements and automate shipping paperwork.
“It cuts overhead and eliminates bottlenecks,” Cheong said. “It’s about maximizing supply efficiency and visibility, which translates into greater consumer confidence.”
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