Two Singaporean maritime companies, Pacific International Lines (PIL) and PSA International, have signed a MoU with IBM Singapore to explore and trial blockchain technology. As per the terms of the agreement, the three parties will work together on blockchain proof of concept (POC) for supply chain business network innovations. The objective of the initiative is to achieve improved security, efficiency and transparency in regional supply chain business networks, as well as connect to trade finance solutions that can facilitate faster approval and fraud prevention. Blockchain technology has the potential to reduce inefficiencies and gaps within the supply chain, promote more cost-efficient transactions and facilitate continued growth in world trade.
