IBM, Singapore’s Pacific International Lines Trial Blockchain for Bill of Lading Project

Singapore-based shipping company Pacific International Lines (PIL) partnered with IBM (NYSE:IBM) Singapore to trial blockchain technology. PIL, a leading containership operator in the country, intends to use the technology to develop a digital bill of lading that would greatly improve documentation processes during the supply chain. The partnership was endorsed by Maritime and Port Authority of Singapore, Singapore Customs (National TradePlatform), Singapore Shipping Association, Infocomm Media Development Authority, and Bank of China Limited Singapore Branch (BOC).

Currently, a bill of lading represents a paper document used by banks when providing trade financing. The document adds to the inefficiency of the system, as it is generally mailed to the…

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