In a significant boost to the use of blockchain technology as a building block for high security innovations, Pacific International Lines (PIL), PSA International (PSA) and IBM Singapore (IBM) have signed a Memorandum of Understanding (MOU) today to explore and trial proof of concept (POC) blockchain-based supply chain business network innovations.
The use and knowledge of blockchains as the starting point for cryptocurrencies is widely acknowledged but its use in highly secured networks and transactions is only now being explored, and that is where the blockchain industry should be eventually heading. This is part of IBM’s blockchain push in recent months – it has even built an entire division to focus on the technology as it bets big on the blockchain industry.
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The MOU was signed by: Ms. Lisa Teo, Executive Director (Corporate Development) of PIL; Mr Oh Bee Lock, Head of Group Technology, PSA; and Ms. Janet Ang, VP Industry Solutions & Smarter Cities of IBM Asia Pacific on the sidelines of the Singapore Regional Business Forum (SRBF) held in Singapore. .
Leverage Strengths of Blockchain Technology
The partnership is looking to leverage the security capabilities of blockchain technology, with its decentralized ledger technology at the core of its strength, to innovate and build POCs to better demonstrate the usage and efficiency of networks that would help in supply chain management and facilitate faster approvals and better regulation and security as well.
Mr 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.”
This is one more step in the direction of trying to use blockchain technology for innovative purposes to better leverage its security and efficiency features to facilitate faster and more secure transactions in a financial network. This is likely to lead to more innovations in this new industry, that will help build a better regulated and quicker financial system.