In August 2017, IBM Singapore, PSA International and Pacific International Lines signed a memorandum of understanding to collaborate and develop supply chain business network innovations with the Blockchain platform.
All three companies after signing the MOU devised a Proof of Concept program built with IBM and their Blockchain platform then began testing the system to track and trace cargo movement from Chongqing to Singapore via the Southern Transport Corridor.
From August to December, the Proof of Concept testing had increased momentum exponentially. The participating companies are now confident that there is enough evidence to show that the new concept is ready to move on to the next stage of development. All three companies have agreed the time is now right to invite other companies from other areas of the distribution network to participate in this new platform for the supply chain logistics ecosystem.
The Regional CEO for Northeast Asia of PSA, Roger Tan 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.”
PIL Managing Director, Teo Siong Seng said about the new platform, “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 of our industry.”