Singapore Launches Blockchain-based Maritime System

March 27, 2019

Iswaran, Minister of Communications and Information of Singapore, told Parliament this month a blockchain pilot called “TradeTrust” will be launched to improve the country’s maritime sector.  

During a debate on his ministry’s budget, Minister Iswaran said, “TradeTrust is an initiative to develop a set of standards to help businesses securely exchange digital trade documents. We believe it will improve the efficiency of our trading and logistics sectors.”

TradeTrust will help cut waiting times for container ships and the risk of fraud by turning paper-based bills of cargo, also known as bills of lading, into digital documents that are shareable and accessible when container ships dock and unload in Singapore, thus making the country even more business-friendly.

“It will enhance our attractiveness as a business hub,” Iswaran said. “IMDA (the Info-communications Media Development Authority) and other government agencies are now working with industry partners to conduct proof-of-concept trials and will provide more details later.”

The new system also slashes administration costs, which are currently adding 20 percent to the physical cost of a single container.

The minister noted, “A common challenge in the trade and logistics sectors is the inefficiency of manual cross-border trade processes,” adding that the IMDA will soon issue a Request for Proposal to invite the wider industry to submit proposals for the technical implementation of the TradeTrust infrastructure.

The project follows a previous initiative between Singapore’s national carrier, Pacific International Lines (PIL), and tech giant International Business Machines Corporation (IBM) to utilize blockchain in the maritime supply chain.

Singapore is widely known as a leading international maritime center. Last year, Singapore was ranked as the top shipping center in a report by the Baltic Exchange. In 2017, Norwegian consulting firm Menon Economics called the country the world’s top maritime capital.

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.

    Related Article
    OIO Holdings Launches Beta Test Program of Enterprise Cryptocurrency Wallet
    Singapore Exchange-listed company OIO Holdings Limited (“OIO”) is pleased to announce the beta test ...

    September 24, 2020

    Alibaba Debuts Delivery Robots At Cloud Computing Conference
    Alibaba Cloud, the digital technologies and intelligence backbone of Alibaba Group, today unveiled a...

    September 24, 2020

    BnkToTheFuture Makes A Strategic Investment In Blockpass
    BnkToTheFuture, a pioneering global online investment platform which has facilitated the investment ...

    September 23, 2020

    Maybank Expands Digital Lending With SME Digital Financing
    Maybank today unveiled its 10-minute approval digital financing solution for Small and Medium sized ...

    September 22, 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