Maersk and IBM recently announced the recruitment of over 90 major global supply chain players to their blockchain joint venture. We take a look at how retailers could benefit.
Amid the retail apocalypse and trade war, retailers should pay attention to Maersk and IBM’s joint venture, TradeLens.
TradeLens aims to digitize the supply chain by tracking shipments on a blockchain. The joint venture, which originally made headlines in January, recently announced it recruited 94 global supply chain participants — including major port operators, shipping lines, and freight forwarders — to join its platform this year.
For retailers, this means potential savings on shipping costs and better visibility of inventory management — both crucial when managing brick-and-mortar stores and navigating a competitive retail landscape.
Below, we look into how TradeLens can help retailers by increasing supply chain transparency and cutting shipping costs.