The $4 trillion global shipping industry is riddled with inefficiencies and is ready for digital disruption. IBM just announced it will team up with Maersk, the world's largest container shipping firm, to introduce blockchain to an antiquated industry. Ramesh Gopinath, VP of Blockchain Solutions at IBM was with us to break down how the company is digitizing global trade.
Gopinath explains the inefficiencies that IBM's blockchain solutions will improve. He says 90% of the goods used everyday are carried by the ocean shipping industry. Gopinath emphasizes that there are too many players and too many handoffs involved in the supply chain process. The other major inefficiency has to do with paperwork related to customs, he says.
IBM is looking at blockchain for secure information sharing. Gopinath stresses that the solution has nothing to do with cryptocurrencies. Although IBM is currently focused on shipping, he says every industry will use the technology because the "sweet spot" for blockchain is trusted interactions between companies.
Sony's PlayStation 5 console has now passed 50 million units sold.
FedEx decreased its full-year revenue forecast after reporting lower-than-expected quarterly profits in its latest results.
Cora is among dozens of young kids across the U.S. poisoned by lead linked to tainted pouches of the cinnamon-and-fruit puree
The IRS said Tuesday it is going to waive penalty fees for people who failed to pay back taxes that total less than $100,000 per year for tax years 2020 and 2021.
Rite Aid has been banned from using facial recognition technology for five years over allegations that a surveillance system it used incorrectly identified potential shoplifters, especially Black, Latino, Asian or female shoppers.
The union representing Southwest Airlines pilots says it reached a new contract agreement in principle with the airline following three years of negotiations.
U.S. Bank has been hit with a $36 million fine for freezing debit cards that distributed unemployment benefits during the pandemic.
Construction of new homes rose by double digits in November, according to data from the Commerce Department.
Cheddar News' Need2Know is brought to you by Securitize, which helps unlock broader access to alternative investments in private businesses, funds, and other alternative assets. The private credit boom is here and the Hamilton Lane Senior Credit Opportunities Fund has tripled in assets under management in just six months from November 2022 through April this year. Visit Securitize.io to learn more.
Stocks opened lower after the opening bell and on track for its first decline in 10 days after a recent winning streak.
