PIL, PSA, IBM Conclude Blockchain Trial from Chongqing to Singapore
- Business & Finance
Shipping company Pacific International Lines (PIL), port group PSA International (PSA) and technology company IBM Singapore (IBM) have completed a blockchain-based supply chain platform trial.
As informed, the companies worked on a proof of concept (POC) exercise, built on IBM Blockchain Platform, applying and then testing the platform to track and trace cargo movement from Chongqing to Singapore via the Southern Transport Corridor.
The exercise follows a memorandum of understanding (MOU) signed in August 2017 with an aim to collaborate on blockchain-based supply chain business network innovations.
The partners believe that there is now sufficient evidence to show that the concept can be taken to the next stage. The scope of the POC will be widened and the partners are eager to engage more participants from the different nodes of the distribution network that form the supply chain logistics ecosystem, PIL said in a statement.
“We are highly committed to this idea because we as a company believe the wider application of blockchain across the global logistics and shipping businesses will lead to much greater operating efficiencies, security and transparency. It is the future for our industry,” Teo Siong Seng, Managing Director of PIL, commented.
“PSA’s collaboration alongside our partners and relevant stakeholders in this blockchain trial demonstrates our efforts to enhance physical and digital connectivity, as well as to improve efficiencies along the global supply chain. Ultimately, we hope to create value for our customers along the Southern Trade Corridor – a key route in the Belt and Road initiative,” Roger Tan, Regional CEO Northeast Asia of PSA, pointed out.