In January 2018 Maersk and IBM announced to form a joint venture applying blockchain to improve global trade and digitise supply chains. Maersk might be one of many shipping companies moving into the blockchain technology, but it’s reality that the blockchain technology has hit the shipping industry already. However, the technology is still faced with many challenges which need to be overcome. Those challenges include the definition of industry standards, meeting regulatory expectations as well as the emergence of a leading blockchain technology platform. For those very reasons it is crucial that an industry giant such as Maersk sits in the front seat of this digital evolution to make sure that the mentioned challenges get conquered. Nevertheless, other shipping industry participants need to be prepared for the blockchain technology as the technology is coming and companies need to be ready to be able take advantage of this game changing technology.
Singular Point is currently developing MARiS, the award-winning chartering and shipping solution, which will be blockchain enabled and launched in Geneva on September 20th, 2018. MARiS will make sure that vessel owners and trading companies benefit of the advantages coming along with the blockchain technology such as high data quality, process integrity, configurable smart contracts, lower transaction costs, empowered network, ecosystem simplification and many more. It will be the first in the market available chartering marketplace, where vessel owners, brokers and commodity traders will be able to meet demands and execute their chartering procurement process in a fully permissioned and distributed blockchain ledger. Beside MARiS’ blockchain technology, the system has been awarded for its unique architecture and programmability covering all activities throughout the complete shipping and chartering lifecycle. With MARiS users will for the first time obtain the full control of a highly sophisticated system and be able to configure it specifically to their own business requirements and even decide whether they want to use the system as a secured cloud based or on-site installed solution.
MARiS will remove all the existing data boundaries and information silos, that currently dramatically slow down internal processes. With MARiS vessel owners, brokers and trading companies will be faced with a new level of market efficiency, which will generate a better outcome for everyone.