Pacific International Lines, PSA International and IBM Singapore have completed a proof of concept exercise to test a blockchain-based supply chain platform which tracks and traces cargo movement from Chongqing to Singapore via the Southern Transport Corridor.

According to the three companies, the trial was built on IBM’s blockchain platform and allowed for the transparent and trustworthy execution of multimodal logistics capacity booking in compliance with regulatory requirements, enabled real-time track and trace, and permissioned access control for ecosystem participants.

“PSA’s collaboration alongside our partners and relevant stakeholders in this blockchain trial demonstrates our efforts to enhance physical and digital connectivity, as well as to improve efficiencies along the global supply chain,” said Roger Tan, regional CEO of Northeast Asia at PSA. “Ultimately, we hope to create value for our customers along the Southern Trade Corridor – a key route in the Belt and Road initiative.”

The three parties signed a memorandum of understanding in August 2017 to collaborate on blockchain-based supply chain business network innovations. The partners now believe that there is sufficient evidence to show that the concept can be taken to the next stage. The scope of the POC will be widened and the partners plan to engage more participants from different nodes of the distribution network that form the supply chain logistics ecosystem.

“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,” said Teo Siong Seng, managing director of PIL. “It is the future for our industry.”