PLMP Fintech, a blockchain firm from Singapore, recently signed a Memorandum of Understanding (MoU) with Indonesia’s Agency for Free Trade Zone and Free Port of Batam and Central Ditribusi Batam. The signatories will use a blockchain-powered platform to enhance the efficiency of Indonesia’s logistics sector.
According to a Port Technology report, the blockchain-based project will be piloted in Indonesia’s Riau province. PLMP Fintech’s own Creatanium blockchain protocol will be used to standardize the bidding process between buyers and sellers of agricultural commodities.
The Singaporean firm has disclosed that it is creating a blockchain ecosystem that will enhance Indonesia’s logistics and transportation system.
“Our solutions will allow for round-the-clock updates on the exact location of moving goods to prevent delays and optimize the whole process,” said Kym Kee, co-founder of PLMP Fintech.
Indonesia’s logistics sector is a key driver of national growth and GDP. PLMP Fintech stated that with its blockchain platform, the company will enhance the transparency and traceability of the logistics sector, while reducing the cost of transporting commodities such as sugar and rice.
PLMP Fintech stated that its vision is to establish a strong blockchain ecosystem using its own protocol. The company has released its own digital currency — Creatanium (CMB) — which has already surpassed parity with the US dollar since its launch in May 2018.
About Asia Blockchain Review
Asia Blockchain Review is the largest initiative for media and community building in Asia for blockchain technology. It aims to connect all blockchain enthusiasts on a regional scale and facilitate the technological foundation of blockchain through a range of group discussions, technical workshops, conferences, and consulting programs.
Our goal is to cultivate and encourage a collaborative community for our members to gather, share their experiences and endeavors in the blockchain space, and brainstorm the potential uses of blockchain technology.
Follow Asia Blockchain Review on:
We provide information about Asia Blockchain Review latest activities as well as global blockchain news and research. Subscribe to our Newsletter now or Contact us