A major port operator in Singapore has inked a deal to work with IBM and a regional shipping firm to test a new blockchain-based supply chain network.
Announcing the news, PSA International, which operates ports in Asia, South America and Europe, said today that it has signed a memorandum of understanding with IBM and Pacific International Lines (PIL), one of the largest liner services in the world.
The three firms will "work together to explore [proofs-of-concept] using technologies like blockchain," according to an announcement published today. The goal of the trial is to automate the flow of documents between trading partners, providing transparency along the way.
Tan Chong Meng, group CEO of PSA, said of the deal:
The tie-up represents the latest effort within the shipping sector to test the potential of blockchain to solve industry problems, a broad push that has seen some of the world's biggest ship operators and port authorities move to launch trials of the technology.
Container ship at Singapore image via Shutterstock
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