PLMP Fintech Partners with Indonesia to Transform Shipping Industry Using Blockchain

Asia Blockchain Review
June 15, 2019

PLMP Fintech, a blockchain firm based in Singapore, is participating in a major logistics project in collaboration with the Indonesian government.

As reported by Cointelegraph, the new initiative – made in partnership with Indonesia’s Ministry of Trade – aims to improve the country’s shipping industry starting with Riau province, which is located along one of the busiest shipping lanes in the world.

Unifying Standards of Communication via Blockchain

The project was facilitated by a new memorandum of understanding (MoU) signed between PLMP Fintech and major industry-related entities based in the Indonesian city of Batam, the largest city in the Riau Islands which were part of Riau before being split off as a separate province in July 2004.

The MoU was signed by the Agency for Free Trade Zone and the Free Port of Batam (BP Batam), and Central Distribusi Batam.

The deployment of PLMP Fintech’s own Creatanium blockchain protocol will reportedly be included in the pilot stage, in order to unify the standards of communication between buyers and sellers of agricultural commodities.

Kym Kee, co-founder of PLMP Fintech, said the project aims to streamline processes while reducing costs by enabling instant, real-time updates on the exact location of moving goods.

Blockchain Makes Waves in Overseas Logistics

A.P. Moller-Maersk (Maersk), the world’s largest container ship and supply vessel operator, recently announced that Mediterranean Shipping Co (MSC) and CM CGM, the second and third largest shipping firms, respectively, had joined Maersk’s TradLens blockchain shipping platform, which was jointly developed with tech giant IBM.

Additionally, Indonesian lawmakers earlier this year introduced new legislation recognizing cryptocurrencies as trading commodities.

Source: cointelegraph.com


About Asia Blockchain Review

Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.

Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.

Follow Asia Blockchain Review on:

Related Article
Blockchain Enables Verification of COVID-19 Immunity
Given the virus is not going to disappear in a hurry and we are some time away from vaccinating the ...

November 21, 2020

Illicit Cryptocurrency Activity: A Concern
Market regulators such as SEC has accepted cryptocurrencies as a financial instrument and are consta...

November 20, 2020

IBM Using Blockchain to Help Businesses Reopen during COVID-19
IBM’s healthcare unit, IBM Watson recently announced that they will soon be launching an app to supp...

November 20, 2020

Canadian Pacific Railway Collaborates with TradeLens
Canadian Pacific Railway recently collaborated with TradeLens in a bid to improve its efficacy as an...

November 19, 2020

We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us