A Memorandum of Understanding (MOU) has been signed by IBM Singapore (IBM), PSA International (PSA) and Pacific International Lines (PIL). The MOU will investigate and test Proof of Concept (POC) blockchain-based supply chain business network innovations.
It was signed by:
- Janet Ang, who is the vice president of industry solutions and smarter cities of IBM Asia Pacific.
- Oh Bee Lock, who is the head of group technology of PSA.
- Lisa Teo, who is the executive director (corporate development) of PIL.
The MOU signing ceremony was witnessed by Singapore’s minister for National development and Second Minister, Lawrence Wong; Randy Walker, chairman and CEO of IBM Asia Pacific; Tan Chong Meng, group CEO of PSA and Teo Siong Seng, managing director of PIL. The Memorandum of Understanding was signed during the Singapore Regional Business Forum, which was held at The Ritz Carlton, Millenia Singapore on August 15th.
IBM, PSA and PIL will work together to research ideas and products that use technologies such as blockchain to obtain better security, efficiency and transparency. Blockchain will also be used to explore trade finance solutions which facilitate faster approval and fraud prevention.
Tan Chong Meng, Group CEO of PSA, said:
“A more transparent, secure and robust certification system and document flow will benefit the whole supply chain as well as have enormous potential for application in sectors such as food, pharmaceutical and trade finance. Across the global movement of goods and cargo, many activities continue to operate in silos. Blockchain has the potential to reduce inefficiencies and gaps within the supply chain, promote more cost-efficient transactions and facilitate the continued growth in world trade. PSA looks forward to working alongside its partners in supporting this initiative and we will contribute our expertise and knowledge in managing ports and advancing supply chains.”
Randy Walker, Chairman and CEO of IBM Asia Pacific, said:
“Blockchain as the foundation of an immutable, security-rich, highly auditable and transparent shared business network, offers improved transparency, data security, and workflow productivity in complex business networks. IBM will leverage the Hyperledger Fabric platform, its Supply Chain Business Network, and expertise from the IBM Center for Blockchain Innovation in Singapore to pioneer projects with the potential for widespread impact across industries in China and Southeast Asia.”