Singapore shipping industry combined with IBM explores block chain development

nnnTrap: PIL, a Singapore-based shipping company, has begun to work with IBM to explore the use of block-chain technology in shipping, hoping to improve the current supply chain network and ensure the efficiency and security of trade. These three parties have rich and authoritative expertise in their respective fields, and their cooperation is of great significance and may have a positive impact on other countries in the region.n
nnTranslated by: Inan
nShipping giant Pacific Shipping Limited (PIL), port operator Singapore International Port Group (PSA) and IBM’s Singapore branch have reached an agreement to use block-chain technology to study supply chain business network innovation.n
nAccording to Teo Siong Seng, managing director of PIL,n
nnThe three parties have signed a Memorandum of Understanding (MOU) to begin testing the conceptual verification (POC) that will work together to develop a solution to reduce fraud and error and cost savings for trade.n
nnPSA said that the chain-chain technology is a “distributed book technology” that “will be faster, more secure, confidential and auditable for any supplier, distributor, financial institution, regulator, or anyone who wishes to engage in secure transactions Business interaction “. The chain chain of digital chains can not be changed once created.n
nPSA CEO Tan Chong Meng said:n
nn”Block chains have the potential to alleviate the inefficient supply and inefficient supply chain and promote more cost-effective transactions and their continued growth in world trade.PSA looks forward to working with its partners to support this initiative, and we will contribute Their expertise in managing ports and developing supply chains. “n
nnRandy Walker, CEO and Chairman of IBM Asia Pacific, added:n
nn”Block chains are the foundation of immutable, highly secure and auditable transparent shared business networks that provide better transparency, data security, and workflow for complex business networks.IBM will leverage the supercomputers’ fabric platform, we The Supply Chain Business Network and experts from the IBM Singapore Chain Chain Innovation Center will enable the project to play a broad role in China and Southeast Asia.n
nnIBM has also recently signed a block-chain agreement with Maersk. The two companies plan to work with shipping companies, freight forwarders, ocean shipping, port and customs authorities to create a block chain production solution by the end of the year.n

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