Singaporean blockchain company PLMP Fintech has signed a memorandum-of-understanding with the Agency for Free Trade Zone and Free Port of Batam and Indonesian firm Central Ditribusi Batam to redevelop Indonesia’s logistics sector.
According to a statement, the multi-million dollar project will also include the country’s Ministry of Trade and will begin in the biggest island of the Riau province.
A recent Port technology Technical paper from Nokia looked at the effect 5G and other technologies will have on port operations
The project’s pilot phase will see the implementation in Batam of PLMP Fintech’s own Creatanium blockchain protocol to standardize the bidding exercise between buyers and sellers of agricultural commodities.
Furthermore, it is part of PLMP Fintech’s vision to build a blockchain ecosystem which it says will improve Indonesia’s logistics and transportation system by cutting inefficiencies in the trade of products such as rice and sugar.
Pivotal to that goal was the creation of a digital currency, which surpassed parity of the US dollar less than 12 months after its release in May 2018.
PLMP Fintech’s Co-Founder Kym Kee, had this to say: “Our solutions will allow for round-the-clock updates on the exact location of moving goods to prevent delays and optimize the whole process.”