In its recent tech move, Singapore has added the plan to launch a blockchain-based system in its maritime sector called TradeTrust. The country’s Minister for Communications and Information S. Iswaran has announced the news in a speech to Singapore’s parliament on March 4, 2019.
The minister shared that the new system will digitise the paper-based lading bills, making it shareable and accessible right when container ships dock and unload in Singapore, as reported by Port Technology.
The minister believed that it can cut administration costs, which currently adds 20 per cent to the physical cost of having a single container, as well as cut the risk of fraud, and will propel Singapore to a more attractive business hub.
“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,” Minister Iswaran said.
IMDA and other government agencies are reportedly working with industry partners to conduct proof-of-concept trials.
Previously, the country has conducted an initiative with Singapore’s national carrier, Pacific International Lines (PIL) and tech giants IBM to utilise blockchain in the maritime supply chain.