Singapore Launches Pilot Of Its Partner TradeTrust, A Blockchain Shipping Initiative
The government of Singapore has recently emitted a press release in which it has affirmed that the pilot that the government is creating together with its partner TradeTrust is about to be started.
PrimeTrust is a blockchain-based maritime trade company which has teamed up with the government to launch its shipping platform. The goal of the company is to leverage the blockchain tech in order to streamline a process which is generally very complex and it involves many middlemen: shipping.
With the help of the blockchain, the idea is that this company will be able to use electronic bills of landing instead of paper-based ones in order to make the whole shipping process more efficient and easy to track.
According to the press release, processing even only the essential documents for shipments and trades is too costly and it takes too long, so the best solution to improve the efficiency of this method is the use of the blockchain, as the distributed ledger technology is perfect for this kind of operation.
This pilot will follow a Memorandum of Understanding which was signed in January 2019 by the Maritime Port Authority, the Singapore Customs and the Shipping Association and Singapore’s Infocomm Media Development Authority (IMDA).
The IMDA will gather data on the pilot together with TrustTrade in order to determine which will be the best way to implement the technology when the project goes online for good.
According to S. Iswaran, the minister of Communications and Information of the country, the initiative will be very important for the development of a set of standards which will ensure that businesses will exchange digital trade documents in a very secure and efficient way.
Using The Blockchain For Shipments Is A Common Trend
Despite the bear market which seems to be dominating the financial part of the industry, the truth is that several companies are very interested in the idea of using the blockchain technology for shipments.
Several projects led by major companies like IBM and Maersk are starting to be made globally and the estimates are that the technology will make the industry save billions of dollars in the next decade.