Monday 21st August, 2017
Pacific International Lines, PSA International and IBM Singapore have announced they signed a Memorandum of Understanding (MOU).
The move aims to explore and trial proof of concept (POC) blockchain-based supply chain business network innovations.
The three parties will work together to explore POCs using technologies like blockchain to achieve better security, efficiency and transparency in regional supply chain business networks, as well as connect to trade finance solutions that can facilitate faster approval and fraud prevention.
Blockchain is a decentralised ledger technology used by a business network to securely exchange digital or physical assets. Each member of the network is granted access to an up-to-date copy of this encrypted ledger so they can read, write and validate transactions. Once a transaction is validated using a consensus process, it is instantly committed to all ledgers in the network. The net result is faster, private, confidential and auditable business-to-business interactions among suppliers, distributors, financial institutions, regulators or anyone wishing to make a secure exchange.
Blockchain creates a permanent, digitised chain of transactions that are grouped in blocks and cannot be altered.
SRBF is organised by the Singapore Business Federation to explore regional cooperation, connectivity and emerging business opportunities in the 21st century Maritime Silk Road. The event was attended by business leaders, academia, policy makers, diplomats and government officials from Singapore, China and over 40 regional countries.