India’s JM Baxi, IBM Partner To Explore Blockchain For Export-Import Tradebr>
Headquartered in Mumbai, JM Baxi Group is a conglomerate of more than 20 companies providing services in the areas of shipping, logistics, infrastructure, and technology. It runs ships, port terminals, inland container depots (ICD) and provides customs broking and marine services.
The two companies have signed a memorandum of understanding (MoU) to work on several projects related to the EXIM trade and logistics space to help Indian ports and supply chain companies address problems related to multiple intermediaries. The companies will set up a Technology and Innovation Council to use IBM’s tech expertise and JM Baxi’s industry knowledge to develop next-gen concepts aimed at improving the customer experience.
The goal of the council is to take up feasibility studies and projects on blockchain, enterprise data architecture and artificial intelligence (AI) using IBM Watson services. The joint venture aims to build a trading platform to streamline trade processes and save billions of dollars.
The trade and logistics service providers in India are experiencing several difficulties especially in coordinating with various agencies and parties like customs, shipping lines, container freight stations, inland container depots, port terminals, and stamp duty payments. By using blockchain technology, companies will be able to automate the process, thus cutting costs and saving time. The technology would also improve the transaction flow and secure the supply chain.
In January of this year, IBM partnered with Danish container shipping giant Maersk to launched a joint venture that applies blockchain technology to create a transparent, indelible trail of each transaction. The blockchain platform is designed to help manage and track the paper trail of tens of millions of shipping containers across the world by digitizing the supply chain process from end-to-end to enhance transparency.