- Investment Areas
By Finbarr Bermingham
Pacific International Lines (PIL), PSA International and IBM Singapore have successfully tested a blockchain platform on a supply chain network between Singapore and China.
The trio tracked cargo movement from Chongqing to Singapore using IBM technology. The trial showed that blockchain allows for multimodal logistics capacity booking that complies with regulations.
It also confirms its suitability for track and trace in real time and permissioned access control for ecosystem participants.
The project built on a memorandum signed in August 2017, through which the organisations pledged to collaborated on supply chain innovations on the blockchain. In a release, they say that testing revealed “there is now sufficient evidence to show that the concept can be taken to the next stage”.
This will involve engaging more participants from the supply chain and logistics world, however none of the parties responded to GTR‘s questions as to what that might involve.
The work ties in with Singapore’s efforts, along with authorities in Hong Kong, to launch the first blockchain trading corridor. The Global Trade Connectivity Network (GTCN) is backed by multiple banks and trade service providers, and is scheduled to launch at the start of 2019.
Roger Tan, regional CEO for Northeast Asia at PSA (formerly Port Authority of Singapore, before privatisation), says that the work along the trade route between China and Singapore could help boost Singaporean involvement in the Belt and Road Initiative.
“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,” he says.
Teo Siong Seng, PIL managing director, adds: “We are highly-committed to this idea because we 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 for our industry.”
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