Successful Blockchain Trial Concludes in Singapore
A blockchain trial which tested shipping from China to Singapore has been deemed a success by its operating partners, carrier Pacific International Lines (PIL), terminal operator PSA International (PSA) and the Singaporean branch of the technology giant IBM.
The Proof of Concept (PoC) exercise was built on the IBM Blockchain Platform and involved 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.
Core objectives of the trial included real-time track and trace, transparent and trustworthy execution of multimodal logistics capacity booking, regulatory-compliant execution of the multimodal logistics capacity booking processes and permission access control for ecosystem participants.
The trial started with a memorandum of understanding (MOU) signed in August 2017.
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PIL stated that the partners now believe there is sufficient evidence to show that the concept can be taken to the next stage.
In the next stage, the scope of the POC will be widened by engaging more participants from the different areas of the supply chain logistics network.
PIL, PSA and IBM all have a significant investment in technological innovation within the shipping industry.
PIL, the world’s twelfth-biggest container ship operator and one of the largest shipowners in Southeast Asia, operates a fleet of more than 160 vessels, with services to Africa, the Americas, Europe, the Middle East, Oceania and Southeast Asia.
PSA is a leading port group which participates in around 40 terminals in 16 countries across Asia, Europe and the Americas, with flagship operations in Singapore at PSA Singapore Terminals.
IBM, a multinational technology company, is the leader in blockchain solutions.
It is currently working to support the development of openly-governed blockchains, with over 400 clients across industries including financial services, supply chains, IoT, and maritime.
In a statement, Teo Siong Seng, Managing Director, 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.”
He added: “It is the future for our industry.”
Roger Tan, Regional CEO of Northeast Asia, 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.”