Singapore boxline PIL, terminal operator PSA International and IBM have successfully carried out a blockchain trial to track and trace cargo movement from Chongqing to Singapore via the Southern Transport Corridor – a key route in China’s Belt and Road initiative.
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 blockchain platform will be widened and the partners are eager to engage more participants from across the supply chain.
Teo Siong Seng, managing director of PIL, said, “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.”