We, at Kryptomoney.com, do regular R&D around Blockchain Technology. And during this course, we came across this interesting Blockchain news around potential applications of the tehcnology in Supply Chain Network.
Pacific International Lines (PIL), IBM and PSA International have collaborated on Blockchain, and signed a Memorandum of Understanding (MOU). Three parties will look to explore and trial Proof of Concept (POC) Blockchain-based supply chain network. The intention is to work around potential Blockchain Technology Applications in supply chain networks to enhance efficiency, security and transparency within the industry.
The MOU has been signed by Mr Oh Bee Lock, Head of Group Technology, PSA; Ms Lisa Teo, Executive Director (Corporate Development) of PIL and Ms Janet Ang, VP Industry Solutions & Smarter Cities of IBM Asia Pacific.
Pacific International Lines, is one of the largest linear services in world, whereas PSA International, operates ports in Asia, South America and Europe. And, IBM is one of the world’s largest IT companies. This definitely a groundbreaking collaboration.
Group CEO of PSA, Tan Chong Meng, said of the deal:
“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.”
Confident about this collaboration that it will accelerate the company’s Blockchain aspirations, Randy Walker, IBM Asia Pacific CEO, said:
“Blockchain as the foundation of an immutable, security-rich, highly auditable and transparent shared business network, offers improved transparency, data security, and workflow productivity in complex business networks.”
He further added:
“IBM will leverage the Hyperledger Fabric platform, its Supply Chain Business Network, and expertise from the IBM Center for Blockchain Innovation in Singapore to pioneer projects with the potential for widespread impact across industries in China and Southeast Asia.”
(Also Read: IBM launches Blockchain Accelerator Programme)
This collaboration is the latest effort surrounding Blockchain to explore its potentials within the shipping sector to solve many of the industry problems.
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