PSA International Pte Ltd (“PSA”), Pacific International Lines (Pte) Ltd (“PIL”) and IBM Singapore Pte Ltd (“IBM”), signed a Memorandum of Understanding (MOU) during the Singapore Regional Business Forum held in Singapore on 15 August 2017. The three parties will work together to explore and trial proof of concept (POC) blockchain-based supply chain business network innovations and other similar technologies 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 has the potential to reduce inefficiencies and gaps within the supply chain, promote more cost-efficient transactions and facilitate continued growth in world trade.

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