Blockchain example – cut shipping costs by 20%

Nov 18, 2017 (Windy Hill Beach, South Carolina) — “Ramesh Gopinath, vice president of blockchain solutions at IBM, recently told the Financial Times the administrative costs of processing, moving, verifying and other documentation can almost double the cost of simply moving a shipment. IBM is working on trade-related digital ledger technologies with shipping company Maersk and Walmart to find a ‘more secure and more efficient way to handle the document approval workflows needed to move goods across international borders,’ he told the Financial Times. IBM has said by eliminating much of the paperwork, blockchain can cut up to 20 percent of shipping costs.”

Source: Richard Wachman (special to Arab News), “Some cryptocurrencies are worryingly overvalued — but analysts put money on the potential of the underlying technology“, Arab News, Nov 18, 2017, p. 10

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