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IBM will develop a supply chain management system for Pacific International Lines

One of the world’s top container ship administrators, Pacific International Lines (PIL), has collaborated with IBM in order to digitize the supply chain management.

Headquartered in Singapore, PIL is the world’s ninth largest container ship administrator and one of the biggest ship-proprietors in South-east Asia. The coordinated effort is being upheld by Maritime and Port Authority of Singapore, Singapore Shipping Association, Infocomm Media Development Authority, Singapore Customs (National TradePlatform), and Bank of China Limited Singapore Branch (BOC).

To focus on these issues, Pacific International Lines (PIL) and IBM will move in the direction of making an electronic Bill of Lading (e-BL) with the aim to streamline and recreate the paper trail online on a blockchain record made by IBM. The organizations intend to stretch out the e-BL to follow up the end-to-end shipment progressively.

“Traditionally, information flow is predominantly handled via manual processes and the supply chain is slowed down when there are many points of communication within its framework. The use of blockchain technology to allow for the direct exchange of documents and information via the decentralized network to boost transparency, eliminate disputes forgeries and unnecessary risks will be key for this industry to progress,” – Executive Director of PIL, Lisa Teo said.

Blockchain technology is already being widely used in logistics. For instance, Samsung Electronics, the world biggest smartphones and electronic chips manufacturer, has been developing a blockchain-based platform intended for managing its global supply chain since April 2018.

This news was provided by Crypto News India, our partnering media source in India.