Singaporean blockchain company PLMP Fintech has joined a multi-million blockchain project in partnership with the Ministry of Trade of Indonesia.
As announced in a press release, the participation with PLMP Fintech will help the government of Indonesia reshape the Indonesian logistics sector. The country shipping industry will be fully changed to offer a more simplified but efficient process, starting from the biggest island of Riau Province.
The PLMP Fintech, Indonesian firm Central Distribusi Batam and the Agency for Free Trade Zone and the Free Port of Batam have officially signed a memorandum of understanding (MoU) with the attempt to build an efficient blockchain ecosystem offering time-saving and cost-efficient factors for the logistics sector. This sector also has a great impact on Indonesia’s GDP.
By implementing the PLMP Fintech’s own blockchain solution, the company could create a transparent and traceable system in Indonesian logistic field. As announced, the pilot stage of this multi-million blockchain project will be using PLMP Fintech’s blockchain protocol Creatanium to provide both buyers and sellers with open prices and trading activities.
PLMP Fintech’s Co-Founder Kym Kee has also commented about the benefits of using blockchain applied on logistic “Our solutions will allow for round-the-clock updates on the exact location of moving goods to prevent delays and optimize the whole process”.
Blockchain application for shipping and logistics category has been seen widely. As The Crypto Sight reported in April, China Shipbuilding Industry Company Limited (CSICL) has been finding blockchain solutions to develop its upstream supply chain financing. Israel’s biggest cargo shipping firm ZIM also introduced its own blockchain-powered platform this year to provide its customers with electronic bills of lading to enhance the workflow for channels.