PLMP Fintech, a blockchain firm from Singapore, recently signed a Memorandum of Understanding (MoU) with Indonesia’s Agency for Free Trade Zone and Free Port of Batam and Central Ditribusi Batam. The signatories will use a blockchain-powered platform to enhance the efficiency of Indonesia’s logistics sector.

Indonesia’s Riau to Pilot Blockchain-based Platform for Agro Logistics

According to a Port Technology report, the blockchain-based project will be piloted in Indonesia’s Riau province. PLMP Fintech’s own Creatanium blockchain protocol will be used to standardize the bidding process between buyers and sellers of agricultural commodities.

The Singaporean firm has disclosed that it is creating a blockchain ecosystem that will enhance Indonesia’s logistics and transportation system.

“Our solutions will allow for round-the-clock updates on the exact location of moving goods to prevent delays and optimize the whole process,” said Kym Kee, co-founder of PLMP Fintech.

Distributed Ledgers Bring Transparency and Traceability

Indonesia’s logistics sector is a key driver of national growth and GDP. PLMP Fintech stated that with its blockchain platform, the company will enhance the transparency and traceability of the logistics sector, while reducing the cost of transporting commodities such as sugar and rice.

PLMP Fintech stated that its vision is to establish a strong blockchain ecosystem using its own protocol. The company has released its own digital currency — Creatanium (CMB) — which has already surpassed parity with the US dollar since its launch in May 2018.

Source: https://www.porttechnology.org

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