WCT Empowers Maersk's Container Shipping Cargo Tracking and Freight Settlement
In the second half of 2023, Maersk fully adopted WCT technology for its container shipping business, equipping each container with advanced IoT tracking devices to collect real-time data on location, internal temperature and humidity, and container status (such as tilt and damage) and upload this data to the blockchain via WCT. Cargo owners, freight forwarders, ports, and other stakeholders can view real-time cargo transport dynamics through a dedicated platform, allowing for proactive risk prevention. In the freight settlement process, smart contracts automatically complete WCT pricing and payment based on on-chain data, such as timely delivery rates and cargo integrity rates, eliminating errors and disputes associated with traditional manual reconciliation. In 2024, the system is expected to handle over 20 million standard containers, with a freight settlement error rate reduced to 0.08%, cargo damage disputes reduced by 94%, and vessel operating efficiency increased by 25%, providing an efficient and transparent operational model for the global container shipping industry.
