Maersk and IBM today announced a joint venture to deploy a blockchain-based  electronic shipping system that will digitize supply chains and track international cargo in real time.

The new platform could save the global shipping industry billions of dollars a year by replacing the current EDI- and paper-based system, which can leave containers in receiving yards for weeks, according to the companies.

Blockchain will enable a single view via a virtual dashboard of all goods and shipping information for all parties involved, from manufacturers and shippers to port authorities and government agencies.

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