PIL, PSA And IBM Conclude A Successful Testing Of Blockchain Technology

Pacific International Lines (Pte) Ltd (“PIL”), PSA International (“PSA”) and IBM Singapore (“IBM”) signed an MOU in August 2017 to collaborate on blockchain-based supply chain business network innovations.

Following the signing of the MOU, the companies worked on a Proof Of Concept (“POC”) exercise, built on IBM Blockchain Platform, 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.

Image Credits: pilship.com

The trial successfully achieved the following objectives:

• Transparent and trustworthy execution of multimodal logistics capacity booking
• Regulatory-compliant execution of multimodal logistics capacity booking process
• Real-time track and trace
• Permission access control for ecosystem participants

The POC testing gathered momentum from August to December 2017. The partners believe that there is now sufficient evidence to show that the concept can be taken to the next stage. The scope of the POC will be widened and the partners are eager to engage more participants from the different nodes of the distribution network that form the supply chain logistics ecosystem.

Teo Siong Seng, Managing Director of 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. It is the future of our industry.”

Roger Tan, Regional CEO Northeast Asia of 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.”

About PIL

Pacific International Lines (PIL) is the world’s 12th top container ship operator and one of the largest shipowners in Southeast Asia. PIL owns and operates with a fleet of more than 160 modern vessels offering services to the Far East, Africa, Americas, Europe, Black Sea, Middle East, Indian sub-continent, Oceania and Southeast Asia. The group has several business units including container manufacturing, ship recycling, marine service, real estate, depots and logistics services. One of PIL’s subsidiaries, Singamas Container Holdings Ltd, listed on the Hong Kong Stock Exchange, is the world’s second-largest container manufacturer with 10 container factories and operates 8 depots in China.

About PSA International

As one of the leading global port groups, PSA participates in around 40 terminals in 16 countries across Asia, Europe and the Americas with flagship operations in PSA Singapore Terminals and PSA Antwerp. PSA strives to continue growing its port network alongside its shipping line customers and become the preferred partner to port stakeholders across the world. Employing the finest talents in the industry, PSA delivers reliable and best-in-class service to its customers and develops win-win relationships with its partners. As the port operator of choice in the world’s gateway hubs, PSA is “The World’s Port of Call”.

About IBM

IBM is the leader in open-source blockchain solutions built for the enterprise. As an early member of Hyper ledger, an opensource collaborative effort created to advance cross-industry blockchain technologies, IBM is dedicated to supporting the development of openly-governed blockchains. IBM has worked with more than 400 clients across financial services, supply chains, IoT, risk management, digital rights management and healthcare to implement blockchain applications.

Reference: pilship.com