Singapore's Pacific International Lines (PIL) is teaming up with IBM to trial a blockchain solution for electronic bills of lading (eBL).
It aims to design a system that will "significantly enhance the documentation process in supply chain management."
The boxship owner is being supported by the Maritime and Port Authority of Singapore, Singapore Shipping Association, Infocomm Media Development Authority, Singapore Customs (National TradePlatform) and Bank of China Limited Singapore Branch (BOC).
The eBL will do away with the hard copy paper trail, cut unnecessary handling costs and the possibility of fraud, the company said.
Lisa Teo, executive director of PIL, added: “This is a big step forward for PIL. As an international shipping company, we believe we have a role to play in enhancing efficiencies within the intermodal transport logistics ecosystem.
"Working with a complex logistic network comprising ports and terminals, agencies, government entities, banks and shippers, systematic supply chain management is increasingly important to lower costs through the chain by cutting unnecessary expense, movements and handling."
