Singapore shipping groups to trial blockchain
Pacific International Lines and the Port Authority of Singapore have signed a deal with IBM to work on proof-of-concept blockchain solutions
Singapore’s Pacific International Lines (PIL), one of Asia’s largest shipowners, and the Port Authority of Singapore (PSA) have signed a memorandum of understanding (MoU) with technology giant IBM Singapore, which will see the three parties explore and trial blockchain technology for supply chain networks. Working on proof-of-concept blockchain solutions, the aim will be to enhance the security, transparency and efficiency of southeast Asia’s supply chain network.
As technology provider, IBM Singapore will use its Hyperledger Fabric platform, an open-source production ready blockchain software officially launched last month. IBM will also use expertise from its blockchain innovation centre, a government-supported installation launched in Singapore a year ago. IBM has already worked with the PSA for early stage trials of blockchain technology for transnational container shipments.
The work involved will extend to ways of connecting the supply chain business with trade finance solutions using blockchain technology for near-instant approval from the financier while avoiding fraud in the shipping industry.