Tapping blockchain technology to improve supply chain network

Singapore

PACIFIC International Lines Pte Ltd (PIL), PSA International Pte Ltd and IBM Singapore Pte Ltd on Tuesday signed a memorandum of understanding (MOU) during the Singapore Regional Business Forum to explore and trial blockchain-based supply chain business network innovations.

The three parties will work together to explore technologies such as 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, said PSA.