IBM is continuing its own foray into blockchain exchange direction, completing a new trial that shipped 108,000 mandarin oranges to Singapore, a press launch supported on Jan. 31.
IBM, that will be focusing on speeding up efficacy in several trade surroundings, used the technology to reduce paperwork managing and prices for the shipment, which originated in China.
Singapore is importing a substantial quantity of mandarins ahead of this lunar year.
Transit was managed with Pacific International Lines (PIL) with an electronic version of this Bill of Lading (e-BL), an vital trade document, processed to the blockchain.
"A blockchain-based trade network is going to be a game-changer, and we've got a wonderful opportunity here with our spouse PIL to reevaluate the documentation processes in a way that benefits the entire business," Harriet Green, CEO and Chairman of IBM Asia Pacific, commented in the media release. Green further mentioned:
"Developed by blockchain, the e-BL developed from the IBM Research Singapore will be critical in helping to establish an extensible ecosystem for trade, thus expectedly improving trade efficiency and building reliable trade relationships among the industry players."
The news is the identical week as food giant Nestle announced its blockchain-based IBM Food Trust initiative, that is underway since 2016, would seek to expand its reach this year.
Globally, IBM is targeting a variety of industries with all the engineering, one of the most recent of which has been cobalt mined in the Democratic Republic of Congo.
Last year, IBM launched TradeLens, a committed blockchain distribution chain platform in partnership with transportation giant Maersk.
"To-date, we've received very positive feedback from the business and government, and we are excited with the possibilities of how our blockchain improvements can transform and inject a much-needed boost in efficiency and innovation to the industry," PIL executive director Lisa Teo added.