Singapore’s Pacific International Lines (PIL), port operator PSA International, and technology giant IBM Singapore have concluded a successful blockchain trial, having signed a memorandum of understanding in August 2017.
Following the signing of the MOU, the companies worked on a Proof Of Concept (POC) exercise, built on IBM Blockchain Platform, applying and then testing a blockchain-based supply chain platform to track and trace cargo movement from Chongqing to Singapore via the Southern Transport Corridor.
The trial successfully achieved the following objectives: Transparent and trustworthy execution of multimodal logistics capacity booking, regulatory-compliant execution of multimodal logistics capacity booking process, real-time track and trace and permissioned access control for ecosystem participants.
The POC testing gathered momentum from August to December 2017. 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.
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.”
Roger Tan, Regional CEO Northeast Asia of PSA said, “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.”