Holt Logistics has become the first independent port operator to conduct a pilot based on blockchain-based global trade digitization solution developed by Maersk and IBM. The solution is designed to provide transparency and promote sharing of information within the global trade ecosystem.
IBM's blockchain technology will focus the development of a highly secure digital ledger system that allows users of the network to transparently share information and updates on cargo as it moves around the world. The technology is able to reduce the need for multiple records that produced at each point in the shipping chain and saves up to 20 percent of the cost of shipping transactions.
Holt Logistics and its affiliated company, Greenwich Terminals LLC, operate the Packer Avenue Marine Terminal in South Philadelphia.
"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," Thomas J. Holt III, business development manager for Holt Logistics said in a statement. "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."