According to a press release dated January 31, IBM is continuously working on blockchain trade management. Recently, IBM completed a new trial in which 108,000 mandarin oranges were shipped to Singapore. IBM is focussed about accelerating efficiency in various trade environments along with bringing down paperwork handling and shipment costs that originated in China. Reports suggest that Singapore is importing a notable amount of mandarins before the lunar new year.
It is also reported that Pacific International Lines (PIL) was responsible for handling transit with the use of an e-bill, which is an essential document for trade. The e-bill used is processed on a blockchain. According to the CEO and Chairman of IBM Asia Pacific, Harriet Green, ‘A blockchain-based trade network will be a game-changer, and we have a great opportunity here with our partner PIL to revolutionise the documentation processes in a way that benefits the entire industry.’
The CEO of IBM further went on to say that ‘Powered by blockchain, the e-BL developed by the IBM Research Singapore will be critical in helping to establish an extensible ecosystem for trade, thus expectedly enhancing trade efficiency and building trusted trade relationships among the industry players.’ Along with this, another news floating this week was that Nestle (food giant) announced that its blockchain based IBM Food Trust Initiative which is under continuous work ever since 2018 will be looking for opportunities of expanding its reach in this year.
IBM has been targetting multiple industries globally with its technology. The latest company IBM targetted was cobalt mined in the Democratic Republic of Congo. In the year 2018, IBM along with MAERSK (Shipping giant’ launched a specific blockchain supply chain platform ‘TradeLens.’ Lisa Teo, PIL executive director, stated that ‘To-date, we have received very positive feedback from the industry and authorities, and we are enthused by the possibilities of how our blockchain developments can transform and inject a much-needed boost in efficiency and innovation into the industry,