Globalization has led to the most advanced trading networks ever witnessed in the whole world with the existence of robot-operated ports and large computer tracking cargoes database. However, it still depends on millions of paperwork.

A.P. Moeller-Maersk A/S and other container shipping companies have agreed to work with technology companies to improve the world’s most sophisticated logistics network, meaning the 19th-century trade is coming to an end.

There has been a revolution in the world trade after shifting to standard containers in the 1960s, a change that ushered in the era of globalization. To ensure the new technology works, various shipping lines and businesses all over the world including banks and insurers will have to create a protocol that will combine all the new systems into one platform.

Should this be successful, the process of documentation will only be done in minutes without the need for human help. Besides, it will lead to the reduction of costs of moving cargo across continents, which will eventually lead to the relocation of manufacturing materials and goods from overseas.

According to Rahul Kapoor, an analyst at the Bloomberg intelligence in Singapore, it is the most significant innovation so far in the industry since the inception of containerization. Furthermore, it leads to more transparency and efficiency.

Trail of Roses

Maersk, a Danish conglomerate, trailed a refrigerated container from Kenya to the Netherlands and discovered that approximately 30 people and organizations were responsible for processing the box from Africa to Europe. It, however, took 34 days to move the container from the farm to the retailers including ten days of document processing.

On the course of shipment, some critical documents were misplaced and were later found in a pile of paperwork.

Maersk, the most significant container shipping company, noted that the process of paperwork is a considerable challenge. The shipping company collaborated with International Business Machines Corp to facilitate the tracking of its cargo and efficient documentation with the use of Blockchain.