Singaporean Shipping Companies To Work With IBM

Singaporean Shipping Companies To Work With IBM

Two big Singaporean maritime comapanies have signed a deal with technology leader IBM to explore and trial blockchain technology.IBM Singarope hav

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Two big Singaporean maritime comapanies have signed a deal with technology leader IBM to explore and trial blockchain technology.

IBM Singarope have closed a deal with Pacific International Lines (PIL), one of Asia`s largest shipowners, and the Port Authority of Singapore (PSA), one of world`s largest port operators, according to an article published at cryptocoinnews.com.

The three parties have entered a memorandum of inderstanding (MoU). The idea is to research blockchain technologies to improve security, efficiency and transparancy in regional supply chain business networks, as well as connect to trade finance solutions that can provide faster aproval and fraud prevention, as PIL`s press release stated.

Blockchain as the foundation of an immutable, security-rich, highly auditable and transparent shared business network, offers improved transparency, data security, and workflow productivity in complex business networks.”, said Randy Walker, Chairman and CEO at IBM Asia Pacific.

“IBM will leverage the Hyperledger Fabric platform, its Supply Chain Business Network, and expertise from the IBM Center for Blockchain Innovation in Singapore to pioneer projects with the potential for widespread impact across industries in China and Southeast Asia.”, he added as quoted by the press statement.

“A more transparent, secure and robust certification system and document flow will benefit the whole supply chain as well as have enormous potential for application in sectors such as food, pharmaceutical and trade finance.”, as Tan Chong Meng, Group CEO of PSA, commented.

Lawrence Wong, Singapore’s Minister for National Development and Second Minister for Finance, Teo Siong Seng, Managing Director of PIL, Tan Chong Meng, Group CEO of PSA, and Randy Walker, Chairman and CEO of IBM Asia Pacific, attended the signing ceremony that was held during the Singapore Regional Business Forum (SRBF) as the statement made clear.

It is to be seen how this deal will affect the technological advancements in the region.

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