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Blockchain trial successfully tracks and traces cargo movement from Chongqing to Singapore

PSA International (PSA), Pacific International Lines (Pte) Ltd (PIL), IBM Singapore (IBM) have successfully concluded a blockchain-based supply chain trial.  

PSA is one of the world’s largest port operators with over 40 terminals in 16 countries across Asia, Europe and the Americas and flagship operations are in Singapore and Antwerp. PIL is ranked 11th amongst the top containership operators in the world, offering container liner services and multi-purpose services at over 500 locations in 100 countries worldwide

PSA, PIL and IBM signed a MOU in August 2017 to collaborate on blockchain-based supply chain business network innovations. The objectives included achieving better security, efficiency and transparency in regional supply chain business networks, as well as connecting to trade finance solutions that can facilitate faster approval and fraud prevention.

Following the signing of the MOU, the companies worked on a Proof of Concept (POC) exercise, built on IBM Blockchain Platform, applying and testing a blockchain-based supply chain platform to track and trace cargo movement from Chongqing to Singapore via the Southern Transport Corridor.

The trial successfully achieved the objectives of transparent and trustworthy execution of multimodal logistics capacity booking and regulatory-compliant execution of multimodal logistics capacity booking process. It enabled real-time track and trace and permissioned access control for ecosystem participants.

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.

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.”

“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 for our industry,” commented Mr Teo Siong Seng, Managing Director of PIL.

Blockchain is expected to transform the shipping industry, which relies on large number of (often physical) documents passing through a long chain of parties to ensure payments and delivery of cargo. Blockchain-based smart contracts with their transparent information sharing can radically alter this process.

In January this year, A.P. Moller – Maersk, a global leader in container logistics and IBM today announced their intent to establish a joint venture to provide more efficient and secure methods for conducting global trade using blockchain technology. The two organisations plan to jointly develop a global trade digitisation platform built on open standards and designed for use by the entire global shipping ecosystem. According to the press release, customs and government authorities, including Singapore Customs and Peruvian Customs, will explore collaborating with the platform to facilitate trade flows and enhance supply chain security. The global terminal operators APM Terminals and PSA International will use the platform to enrich port collaboration and improve terminal planning. The platform can also link users to important trade corridors in and out of China with support from Guangdong Inspection and Quarantine Bureau by connecting to its Global Quality Traceability System for import and export goods.

Looking beyond the shipping industry, blockchain has the potential to bring significant benefits to the entire logistics industry, across all stakeholders. Recently, Singapore announced collaborations with Hong Kong and Japan for blockchain-based cross-border trade platforms, which would lay the foundation for a regional digitalised trade and supply chain platform in Asia.

Featured image: Zairon/ CC BY-SA 4.0 

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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