The Singapore government has unveiled a blockchain project for electronic bills of lading (eBL) to strengthen Singapore’s position as a global maritime hub according to
Asia/Middle East Maritime. The TradeTrust project is part of an initiative
announced in January by Dr. Lam Pin Min, Senior Minister of State for Transport and Health, which aims to develop an interoperable framework for electronic documents in the maritime and trade industries.
The January announcement builds on previous efforts. In January 2018, a Memorandum of Understanding was signed by the Maritime and Port Authority of Singapore (MPA), the Singapore Shipping Association (SSA) and Singapore Customs. The signatories pledged to jointly look into the digitalization of trade and maritime documents, such as electronic Bills of Lading.
Since then, there have been a number of successes involving electronic documentation, a few of which involve blockchain. The most successful have been two consortia, one led by
APL, the other by
Pacific International Lines (PIL) and IBM.
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