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Blockchain Set To Help Save The Shipping Industry

Ramsey Baker

Summary: The shipping industry is currently in a bind as the tariff war between the United States and China rages on, however blockchain is offering a way to save the shipping industry both time and money, according to Forbes. Several of the world largest shipping companies have partnered with TradeLens, the blockchain platform that is owned ...

The shipping industry is currently in a bind as the tariff war between the United States and China rages on, however blockchain is offering a way to save the shipping industry both time and money, according to Forbes.

Several of the world largest shipping companies have partnered with TradeLens, the blockchain platform that is owned by IBM and container giant Maersk. Blockchain technology offers the ability to greatly reduce the paperwork that is a major part of the shipping industry. This technology allows for the easy delivery of contractual obligations, accepting and providing instructions and the exchanging of payments all in secure and timely manner. The blockchain technology is good for the environment because less paper is needed and also saves shipping companies the money they would usually spend on paper

By Ramsey Baker

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