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Singapore launches maritime blockchain pilot

Singapore has announced that it will launch a pilot blockchain to reduce waiting times for container ships and the risk of fraud, reports Port Technology.

{mprestriction ids="1,2"}The Minister for Communications and Information S. Iswaran, announced the project, TradeTrust, in a speech to Singapore’s parliament on March 4, 2019, during a debate on his department’s budget.

According to the Port Technology, the Minister explained during his speech that the blockchain pilot will aim to turn paper-based bills of lading into digital documents that can be shared and accessed when container ships dock and unload in Singapore. This will cut costs and the risk of fraud, making Singapore a more attractive business hub.

 “TradeTrust is an initiative to develop a set of standards to help businesses securely exchange digital trade documents,” Minister Iswaran said. 

“It will enhance our attractiveness as a business hub and improve the efficiency of our trading and logistics sectors.”

Source: Port Technology{/mprestriction}

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