Maersk and IBM work together to create a supply and shipping company based on the blockchain. They are going to commercialize blockchain in the global supply system.

Blockchain technology can not only offer control for the logistics industry. It can also foster transparency since it would replace all paperwork.

Vincent Clerc, Maersk’s chief commercial officer, will head the new board. He announced that blockchain presents a “huge potential” to benefit all the supply chain players.

The collaboration had promised to deliver the new project by the end of 2017. The move is a fulfillment of over a year of planning from the two companies. They have both invested in blockchain in other ways too.

They hope to start the joint venture by the third quarter of this year.