IBM and Singapore port operator to test blockchain for supply chain

PSA International, the large Singaporean port operator that controls ports in Europe, South America and Asia, has signed a partnership treaty with IBM and Pacific International Lines (PIL), the vast liner service corporation, CoinDesk reports.

The main aim of this cooperation is to find out if the use of blockchain technologies is good and justified for supply industry, and, more precisely, for paperwork automation and greater deal transparency.

The CEO of PSA, Tan Chong Meng, believes that the blockchain implementation will increase efficiency and narrow supply gaps, while also making transactions less resource-demanding, thus ensuring further world trade growth. PSA offers to its partners the knowledge and expertise on port management and hopes for a continued partnership, Tan Chong Meng added.

This companies’ collaboration is one of the final steps of testing the potential of blockchain technologies for commercial shipping across the globe. Previously IBM and Maersk, the Danish shipping giant, finished their collaborative project of a pilot version of blockchain technology designed specifically for automatic paperwork with the use of Smart Contracts. Nowadays many shipping and port operators are interested in research and development of shipping blockchain technology.