The European Commission has approved, under the EU Merger Regulation, the proposed creation of a joint venture between IBM and Maersk. The joint venture will focus on providing secure methods for conducting global trade using blockchain technology.
The Commission concluded that the proposed transaction does not raise competition concerns, given the limited overlap between the joint venture’s digitisation solution and the companies’ activities. The transaction was examined under the simplified merger review procedure.
The aim of the new company will be to offer a jointly developed global trade digitization platform built on open standards and designed for use by the entire global shipping ecosystem.
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A shipping information pipeline will supply end-to-end supply chain visibility to facilitate all parties involved in a supply chain to securel exchange information about shipment events in real time.
Customs and government authorities, like Singapore Customs and Peruvian Customs, will explore collaborating with the platform to facilitate trade flows and enhance supply chain security. APM Terminals and PSA International will also use the platform to enhance port collaboration and improve terminal planning.
Recently, logistics provider, Agility, became the first freight forwarder to cooperate on the joint solution by Maersk and IBM.
