IBM’s Singapore arm, alongside Pacific International Lines and PSA International, have signed a memorandum of understanding (MOU) to explore and trial proof of concept blockchain-based supply chain business network innovations.
The MOU was signed by Lisa Teo, Executive Director (Corporate Development) of PIL; Oh Bee Lock, Head of Group Technology, PSA; and Janet Ang, VP Industry Solutions & Smarter Cities of IBM Asia Pacific.
All the parties will jointly work to research technologies that are used by POCs 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.
Randy Walker, Chairman and CEO, 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.”
As this publication has previously reported, IBM has also partnered with Sony and Maersk on different blockchain-based projects. With Sony, the multinational technology giant will develop a student education records platform built on the blockchain technology. The platform will allow school administrators to consolidate and manage student’s educational data, record from several schools, and refer their learning history and digital academic transcripts with more certainty.
For Maersk, IBM has created a ‘global trade digitisation solution’ aimed at the cross-border supply chain. The global trade digitisation solution uses blockchain to manage transactions between the complex web of shippers, freight forwarders, ocean carriers, ports and customs authorities that transport goods and materials across the world’s seas.