The largest container carrier in South Korea Pacific International Lines (PIL) signed a contract with IBM for the joint development of the blockchain for the digitized invoices. An electronic bill of lading (eBL) will allow the company to reduce costs and eliminate the risk of loss and forgery.
The Executive Director of PIL Lisa teo (Teo Lisa) commented on the collaboration with IBM:
“Usually, the workflow is done manually, therefore, the supply chain loses efficiency because of the spread involved in the communicative processes of individuals […] Using blockchain technology can provide a direct exchange of information and documents within a distributed network, increase transparency and eliminate ambiguity, forgery [invoices] and unreasonable risks, which is extremely important for the development of the industry.”
Initiative IBM and the Pacific was supported by Singapore Customs, the Association of cargo carriers of Singapore, Maritime and port authority of Singapore (PAS), a Singapore branch of Bank of China and the Office for the development of media and ICT in Singapore.
The eBL project launched in the framework of the agreement between IBM, PIL and the Maritime and port authority of Singapore. A year ago, the company and the Supervisory authority have signed a Memorandum of understanding outlining the shared vision of the parties for future work on blachan projects, optimizing the traceability and the protection of the supply chain in the country.
Then CEO of the PAS Group tan Chong Mon said:
“The blockchain could potentially increase efficiency and reduce gaps in supply chains and also cut costs that will positively affect world trade”.
This is not the first partnership of IBM with the largest container carrier. In December, the Corporation signed a deal for the maintenance of the blockchain the project in the field of supply Japanese transport company Mitsui OSK Lines (MOL).