Indonesia Looks to PLMP Fintech Blockchain Firm to Enhance Shipping With New Logistics Project

Indonesia is ready to improve the shipping capacities of the country. A Singapore-based project created by a company called PLMP Fintech is ready to participate in a multi-million project focused on logistics that will be done together with the local government in order to make shipping more efficient.

This new initiative was created by the local Ministry of Trade and the goal is to help in the transformation of the country’ shipping industry starting from the Riau Province, known internationally as one of the largest shipping lanes in the whole world.

The government and the company have already signed a memorandum of understanding and will get together with other companies from places like the Indonesian city of Batam, which is the largest city in the region where the project will be located. The MoU was officially signed by the Free Port of Batam, Central Distribusi Batam and the Agency for Free Trade Zone, too.

According to the documents signed by the companies, the pilot stage will include the deployment of the technology offered by PLMP Fintech and the Creatanium protocol, which will be used in order to unify the communication standards that will be used between the companies interested in buying and selling commodities and other related products in the area.

The main goal of the new project is to use the blockchain technology in order to make the whole shipping project more efficient. For instance, there is the goal to drastically reduce the time used in the process, as well as to enable instant upgrades on the location of goods and to get rid of paperwork.

Kym Kee, the founder of PLMP Fintech, has affirmed recently that the company is focused on always updating the actors involved in the process about the location of the goods and who is in charge of them. This could easily make them see who made mistakes when a product is damaged and to never lose track of it.

More and more companies around the world are currently focused on developing technology for shipping using the blockchain. In fact, this was one of the most successful use cases for the technology up until now.

This week, Mediterranean Shipping Co and CMA CGM, two global shipping companies, have announced that they would enter IBM and Maersk’s platform TradeLens, the largest logistics project using the blockchain until today.

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