Singaporean Companies Explore Blockchain Applications

PIL, PSA and IBM Singapore have signed an MOU to trial blockchain-based supply chain technologies. Blockchain is a decentralised ledger technology and once a transaction is validated using a consensus process, it is instantly committed to all ledgers. It creates a permanent, digitised chain of transactions that are grouped in blocks and cannot be altered.

The net result is faster, private, confidential and auditable B2B interactions among suppliers, distributors, financial institutions, regulators or anyone wishing to make a secure exchange.

IBM plans to leverage its Supply Chain Business Network, Hyperledger Fabric platform, for impact across industries in China and Southeast Asia. IBM and Maersk are also planning to digitize global trade using blockchain, and Hong Kong-based 300cubits aims to partially replace USD in container shipping industry with a token on blockchain-based platform Ethereum.