Pacific International Lines (PIL), PSA International and IBM Singapore have agreed a joint venture into the trial and exploration of blockchain technology innovations.
The three parties will look to trial proof of concept (POC) of the digitalised trade system, in which they aim to improve security, efficiency and transparency within supply chain networks.
“A more transparent, secure and robust certification system and document flow will benefit the whole supply chain as well as have enormous potential for application in sectors such as food, pharmaceutical and trade finance,” said group CEO of PSA Tan Chong Meng.
“Blockchain has the potential to reduce inefficiencies and gaps within the supply chain, promote more cost-efficient transactions and facilitate the continued growth in world trade.
“PSA looks forward to working alongside its partners in supporting this initiative and we will contribute our expertise and knowledge in managing ports and advancing supply chains.”
IBM signed a similar agreement in March with transport and logistics company Maersk that also looked at developing blockchain technology. IBM Asia Pacific CEO Randy Walker also commented on the collaboration, confident that it will accelerate the company’s blockchain aspirations.
“Blockchain as the foundation of an immutable, security-rich, highly auditable and transparent shared business network, offers improved transparency, data security, and workflow productivity in complex business networks,” he said.
“IBM will leverage the Hyperledger Fabric platform, its Supply Chain Business Network, and expertise from the IBM Center for Blockchain Innovation in Singapore to pioneer projects with the potential for widespread impact across industries in China and Southeast Asia.”