Blockchains — the technology behind the bitcoin digital currency — could save the shipping industry billions of dollars, argues IBM research director Arvind Krishna.
Blockchain’s core benefit is its ability to reduce “friction in transaction systems” by removing factors that slow down or interfere with the efficient transfer of goods and services, according to IBM.
Speaking at the Consensus 2017 conference in New York, Krishna said that the cost of global shipping could potentially be cut by 20%, the Coindesk website reported.
