NEWS COMMENTARY

Port of Singapore launches bill of lading blockchain pilot to reduce document processing and administration costs

Published:
March 12, 2019
Coverage:
Digital Transformation
Activities:
Project
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by Yuan-Sheng Yu
Average importance

After a successful trial of IBM's blockchain platform for electronic bills of lading for tracking a shipment of containers, Pacific International Lines and the Port of Singapore will expand the pilot to the entire port in a project called TradeTrust. The project is looking to expand the secure and efficient processing of paper-based bills in digital form, reducing document transfer time from seven days to hours and likely reducing the processing and administration costs of a container by 20%. While just announced, logistics is one of the use cases where we believe blockchain has the most potential impact in offering tangible benefits and ROI. For more information, please see our blockchain Tech Page and blockchain applications report

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