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IBM partners with Singapore shipping giant to advance supply chain through blockchain

Shahrain KM



IBM partners with Singapore shipping giant to advance supply chain through blockchain
Source: Unsplash

On 4th October, Pacific International Lines [PIL], a Singapore-based shipping company announced its collaboration with multinational information technology giant, IBM [Singapore].

The partnership is aimed at improving the process of documentation in supply chain management through blockchain trials designed to create an e-BL [Electronic Bill of Lading]. Additionally, it has garnered support from the Maritime and Port Authority of Singapore, a statutory board under the Ministry of Transport of the Government of Singapore and the Bank of China, Singapore Branch.

Bill of Lading is a comprehensive index of a ship’s cargo in the form of a bill that is given by the sailing master of the ship to the individuals delivering the goods. The documentation contains details such as the type of cargo, the quantity and the destination of the goods.

The traditional Bill of Ladling is a document in paper that is used by banks to provide financing in trade. The document reaches the carrier of goods by mail potentially making it vulnerable to fraud. The process could also result in losing the original document, making the system incompetent throughout the supply chain.

Through the partnership, the creation and designing of the electronic Bill of Ladling could make the management of the supply chain organized and efficient. The firms plan to achieve this by duplicating the paper trail online with the creation of a blockchain ledger built by IBM.

Moreover, the e-BL would mean that shipping companies would no longer have to depend on hard copies of the document and effectively diminishing unnecessary handling costs. Lisa Teo, the Executive Director of Pacific International Lines stated:

“This is a big step forward for PIL. As an international shipping company, we believe we have a role to play in enhancing efficiencies within the intermodal transport logistics ecosystem.”

She further added:

“Working with a complex logistic network comprising ports and terminals, agencies, government entities, banks and shippers; systematic supply chain management is increasingly important to lower costs through the chain by cutting unnecessary expense, movements and handling.”

According to Teo, the traditional flow of information involved in handling documentation considerably delays the supply chain. She stated that the blockchain technology allows for the direct exchange of documents and information through a decentralized network.

Teo further added that the decentralized network increases transparency, eradicates disagreements, falsification of data and reduces risk significantly. She concluded by saying that these are all the reasons that are incumbent for the shipping industry to progress.

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Shahrain KM is a writer at AMB Crypto. Her curiosity in Blockchain technology and Cryptocurrencies has led her to be a part of the news reporting team of AMB Crypto. She does not hold value in any cryptocurrencies currently.


Bittrex opens its USD markets to customers in Rhode Island with Money Transmitter License





Bittrex opens its USD markets for customers in Rhode Island with Money Transmitter License
Source: Unsplash

Bittrex, one of the leading cryptocurrency exchanges in the world, announced the addition of another state to its USD market, earlier today. Bittrex has thus expanded its presence to around 40 United States territories, including South Carolina, Washington D.C., Montana, Kentucky, Arizona, Colorado, Iowa, and Massachusetts. Notably, this news comes days after the New York State Department of Financial Services [NYDFS] rejected Bittrex’s BitLicense application.

The Twitter announcement read,

“#Bittrex Community: Bittrex has been approved as a Money Transmitter in the state of Rhode Island! NMLS ID 1544336. We’re excited to welcome Rhode Island customers to join our USD Markets.”

Money Transmitter Act [MTA] or a Money Transmission Business Licensing Law requires any individual or business providing money transfer services by any means within the United States to procure a license from the State Banking Board.

The application of this law to platforms providing cryptocurrency services has been one of the main concerns for business ventures in the United States. This is mainly because states such as Pennsylvania have outrightly stated that this law did not apply to Bitcoin and other cryptocurrency exchanges, while others have not provided clarity on the subject.

The blog post read,

“Bittrex now supports eligible personal and corporate accounts for US Dollar (USD) trading, USD deposits, and USD withdrawals. Identity verified (personal or corporate) customers operating outside the United States or in one the […] US states/territories are eligible to participate”

Recently, the exchange was in the limelight over contradictory statements issued by the exchange and the NYDFS, pertaining to the former’s BitLicense application. The regulatory body had released a statement listing the reasons why the BitLicense was disapproved, with one of those reasons being the exchange’s North Korean accounts and the platform’s lack of ability to be updated in line with OFAC compliance. This was countered by the exchange, which went on to state that the North Korean accounts, in reality, belonged to South Koreans who “mistakenly selected North Korea.”

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