Pacific International Lines, PSA International, and IBM Announce Successful Blockchain Cargo Supply Chain TrialMarch 6, 2018
Pacific International Lines (Pte) Ltd, port operator PSA International, and IBM Singapore have successfully completed a trial using the blockchain to track and trace cargo supply chain.
Last August, the shipping company and the port operator team up with IBM Singapore by signing a memorandum of understanding (MOU) that was aimed at using innovative technologies such as the distributed ledger to improve security, efficiency, and transparency in the supply chain business.
According to an announcement, following the signing of the MOU, worked on a proof of concept execise, built on the IBM blockchain platform. The aim was to test and track cargo movement from the city of Chongqing in China to Singapore via the Southern Transport Corridor.
The trial successfully achieved the following the announcement read:
- Transparent and trustworthy execution of multimodal logistics capacity booking
- Regulatory-compliant execution of multimodal logistics capacity booking process
- Real-time track and trace
- Permissioned access control for ecosystem participants
With the PoC gathering pace between August and December 2017, the companies believe that it is ready to be taken to the next stage. It’s expected that the scope of the PoC will be widened with more participants from different parts of the supply chain logistics ecosystem taking part.
Teo Siong Seng, Managing Director of PIL said:
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.
Whereas, Roger Tan, Regional CEO Northeast Asia of PSA added:
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.
Earlier last month, it was reported that Agility, a global logistics provider, had teamed up with Maersk and IBM to provide secure and efficient methods at tracking container shipments via the blockchain technology. As part of IBM and Maersk’s industry-wide trading platform, Agility is the latest to take part in the collaboration. Built on the Hyperledger Fabric 1.0 blockchain, the aim is that it will speed up trade and save billions of dollars in the process.
Featured image from Shutterstock.
Source: Read Full Article