A major port operator in Singapore has inked a deal to work with IBM and a regional shipping firm to test a new blockchain-based supply chain network.
Announcing the news, PSA International, which operates ports in Asia, South America and Europe, said today that it has signed a memorandum of understanding with IBM and Pacific International Lines (PIL), one of the largest liner services in the world.
Tan Chong Meng, group CEO of PSA, said of the deal:
The tie-up represents the latest effort within the shipping sector to test the potential of blockchain to solve industry problems, a broad push that has seen some of the world's biggest ship operators and port authorities move to launch trials of the technology.
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IBM, too, has built several projects focused on the supply chain use case to date. As reported by CoinDesk, the tech firm partnered with Danish shipping giant Maersk earlier this year, completing a live blockchain trial designed to automate documentation processing using smart contracts.
Container ship at Singapore image via Shutterstock