Blockchain secured ‘Bill of Lading’ set to trial with tech giant IBM & Singaporean containership operator Pacific International Lines Ltd (PIL) partnership
‘Bill of Lading’ in physical printed form is the most widely used documentation as proof of goods and cargo transferred over international territories. The lack of an easy to use digital counterpart is attributed to the ease of manipulation of online documentations. Moreover, verifying physical documents is also more time consuming and labor intensive. This is where blockchain technology can boost operational efficiency with immutable proof on its ledger. Now, one of Singapore’s biggest shippers, Pacific International Lines (PIL) is set to trial an advance digital ‘Bill of Lading’ blockchain system developed by tech giant IBM. In addition to operational cost reduction, this will also eliminate fraud by duplication of the physical ‘Bill of Lading documents’.
Lisa Teo, PIL’s Executive Director
“Traditionally, information flow is predominantly handled via manual processes and the supply chain is slowed down when there are many points of communication within its framework. The use of blockchain technology to allow for the direct exchange of documents and information via the decentralized network to boost transparency, eliminate disputes forgeries and unnecessary risks will be key for this industry to progress.”
IBM has previously partnered with Maersk to develop similar technology. IBM is also not the first of adapt blockchain technology for ‘Bill of Lading’. Independent Slovenia based ICO startup CargoX has already achieved a functional blockchain based ‘Bill of Lading’ (2 https://cargox.io/news/first-ever-blockchain-based-cargox-smart-bl-has-successfully-completed-its-historic-mission/). The PIL-IBM collaboration is supported by Maritime and Port Authority of Singapore, Singapore Shipping Association, Infocomm Media Development Authority, Singapore Customs (National TradePlatform) and Bank of China Limited Singapore Branch (BOC).
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