Two major Singaporean maritime companies have inked a deal with technology giant IBM to explore and trial blockchain technology for supply chain networks.
Singaporean shipping giant Pacific International Lines (PIL), one of Asia’s largest shipowners, and the Port Authority of Singapore (PSA), one of the world’s largest port operators, have entered a memorandum of understanding (MoU) are jumping on the blockchain bandwagon with a memorandum of understanding (MoU) with IBM Singapore.
The three parties will unite to work on proof-of-concept blockchain solutions to enhance the security, transparency and efficiency of the supply chain network in south eastern Asia.
Singapore is among the world’s largest hubs for trade and travelers whilst commonly seen as the gateway to Asia from the west. Any implementation of blockchain technology for regional supply chain operations and trade finance will prove to be a significant endorsement of the decentralized innovation most prominently known as the core technology behind cryptocurrencies like bitcoin.