As reported by Cointelegraph, the new initiative – made in partnership with Indonesia’s Ministry of Trade – aims to improve the country’s shipping industry starting with Riau province, which is located along one of the busiest shipping lanes in the world.
The project was facilitated by a new memorandum of understanding (MoU) signed between PLMP Fintech and major industry-related entities based in the Indonesian city of Batam, the largest city in the Riau Islands which were part of Riau before being split off as a separate province in July 2004.
The MoU was signed by the Agency for Free Trade Zone and the Free Port of Batam (BP Batam), and Central Distribusi Batam.
The deployment of PLMP Fintech’s own Creatanium blockchain protocol will reportedly be included in the pilot stage, in order to unify the standards of communication between buyers and sellers of agricultural commodities.
Kym Kee, co-founder of PLMP Fintech, said the project aims to streamline processes while reducing costs by enabling instant, real-time updates on the exact location of moving goods.
A.P. Moller-Maersk (Maersk), the world’s largest container ship and supply vessel operator, recently announced that Mediterranean Shipping Co (MSC) and CM CGM, the second and third largest shipping firms, respectively, had joined Maersk’s TradLens blockchain shipping platform, which was jointly developed with tech giant IBM.
Additionally, Indonesian lawmakers earlier this year introduced new legislation recognizing cryptocurrencies as trading commodities.
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