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IBM partners with PIL and PSA on blockchain project

IBM partners with PIL and PSA on blockchain project Theymos, CC3.0

Pacific International Lines (PIL), PSA International and IBM Singapore have signed a Memorandum of Understanding (MOU) to explore and trial proof of concept (POC) blockchain-based supply chain business network systems.

{mprestriction ids="1,2"}The three parties say that they will work together to explore POCs using technologies like blockchain to achieve better security, efficiency and transparency in regional supply chain networks, as well as to connect to trade finance solutions that can facilitate faster approval and fraud prevention.

IBM will provide access to its Hyperledger Fabric blockchain platform under the agreement, backed by support from its Supply Chain Business Network and the IBM Center for Blockchain Innovation in Singapore.

“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,” said Tan Chong Meng, group CEO of PSA.

“Across the global movement of goods and cargo, many activities continue to operate in silos. Blockchain has the potential to reduce inefficiencies and gaps within the supply chain, promote more cost-efficient transactions and facilitate the continued growth in world trade.”

“PSA looks forward to working alongside its partners in supporting this initiative and we will contribute our expertise and knowledge in managing ports and advancing supply chains.”

Teo Siong Seng, managing director of PIL, added that his company was also happy to be contributing its expertise in the shipping and intermodal sectors to the project, and looks forward to assisting in the development of systems that can reduce both fraud and errors, and drive down costs.

“We hope that the fruits of collaboration may in the long term enhance our support to Chongqing Connectivity Initiative projects, the Southern Corridor connecting Western China to Southeast Asia via Guangxi, as well as Southeast Asia trade corridors,” he said.{/mprestriction}

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