Danish container shipping firm A.P. Moller – Maersk is set to partner with IBM to create a new joint venture (JV) that aims to enhance global trade and digitise supply chains using blockchain technology.

The proposed JV seeks to develop a global trade digitisation platform for the entire shipping industry network based on open standards.

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The JV is slated to be headquartered in New York State, US, and also intends to provide greater transparency, as well as simplify the transfer of goods across borders and trading zones.

"The potential from offering a neutral, open digital platform for safe and easy ways of exchanging information is huge, and all players across the supply chain stand to benefit."

It is expected to benefit from IBM’s blockchain technology platform, which allows the company’s clients and developers to build and scale active networks across complex use cases, including cross-border payments, supply chains and digital identification.

IBM will also provide various additional cloud-based, open-source technologies for the initiative such as artificial intelligence (AI), Internet of Things (IoT) and analytics solutions.

The JV will initially aim to commercialise two core capabilities, namely a shipping information pipeline and paperless trade, in order to digitise and automate the global supply chain from end-to-end.

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It intends to be able to provide its solutions worldwide within six months after receiving regulatory clearance.

Maersk chief commercial officer Vincent Clerc said: “This new company marks a milestone in our strategic efforts to drive the digitisation of global trade.

“The potential from offering a neutral, open digital platform for safe and easy ways of exchanging information is huge, and all players across the supply chain stand to benefit.”

Maersk previously collaborated with IBM to build new blockchain and cloud-based technologies in June 2016.