Pacific International Lines (PIL), an international shipping company, has announced its decision to join the blockchain-powered logistics platform provided by Singapore-based Global eTrade Services (GeTS).
According to Ledger Insights, GeTS’s CALISTA platform enables shippers to manage global supply chains digitally, with parts of the system running on a blockchain.
The Singaporean firm explained that CALISTA provides interoperability and further opportunities for business growth, while offering security and enhancing efficiency for shipping companies.
One aspect of the shipping industry that has been transformed by distributed ledger technology is the way documents are now stored securely on a blockchain. Formerly, paperwork and permits for cargo to embark and disembark are couriered or mailed, with both methods at risk of fraud and delays.
GeTS’ blockchain platform, the Open Trade Blockchain (OTB), was introduced in 2018 with the goal of eliminating shipping fraud.
Both parties have stated that blockchain will be one of the elements driving the freight industry forward and building more trust among shipping companies.
Eugene Wong, Chairman of GeTS, said, “The benefits of a global digital trade and supply chain platform that connects the trading community are aplenty and we are delighted to have PIL come onboard on CALISTA serving as a platform for their business growth.”
Lisa Teo, Executive Director of PIL, said, “PIL is pleased to join the CALISTA platform […] this fits in well with our digitalisation strategy and we will continue to improve our processes, seeking ways to better facilitate trade within the intermodal transport logistics ecosystem.”
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