In the latest headlines on our DC Forecasts crypto news site, we are focusing on blockchain technology and one of its pioneers – IBM. The company appears to be comfortable innovating the field of blockchain trade management and has recently completed a new trial which shipped 108,000 mandarin oranges to Singapore, according to an official press release submitted yesterday.
The major technology giant is focusing on ramping up the efficiency in multiple trade environments and using blockchain to reduce paperwork handling and costs for shipment, which originated in China.
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Meanwhile, Singapore is importing a significant quantity of mandarins ahead of the lunar new year, which is the right time when IBM kicked off with this project. The transit, on the other hand, was handled by Pacific International Lines (PIL) using an electronic version of the Bill of Lading (e-BL) which is an essential trade document, processed on the blockchain.
The CEO and Chairman of IBM Asia Pacific Harriet Green commented in the press release, noting:
A blockchain-based trade network will be a game-changer, and we have a great opportunity here with our partner PIL to revolutionize the documentation processes in a way that benefits the entire industry.”
Green also added that this solution “will be critical in helping to establish an extensible ecosystem for trade, thus expectedly enhancing the trade efficiency and building trusted trade relationships among the industry players.”
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