IBM and Danish transport and logistics company Maersk announced Jan. 16 that they are teaming up to create an as-yet-unnamed Blockchain-based shipping and supply chain company. The goal of the venture is to commercialize Blockchain for all aspects of the global supply chain system, from shipping to ports, and banks to customs offices.

Blockchain technology is uniquely able to provide special control for the logistics industry, since it can replace tedious and insecure paperwork with secure digital records that are also transparent.

Maersk’s chief commercial officer Vincent Clerc, who will serve as chairman of the newly formed board for the joint venture, was quoted in the official announcement saying:

“The potential from offering a neutral, open digital platform for safe and easy ways of exchanging information is huge, and all players across the supply chain stand to benefit.”

The company had promised to make delivery of the new project by the end of last year. The offering is the fulfillment of a year’s worth of planning by both companies, each of whom have invested in Blockchain in various other ways as well. The joint venture is hoping to start offering their software solutions by Q3 2018.