Blockchain firm PLMP Fintech signs multi-million contract with Indonesia to improve its shipping industry

Singapore-based blockchain company PLMP Fintech will take part in a multi-million logistics project with the Indonesian government, according to a press release on May 29.

PLMP Fintech, the Agency for Free Trade Zone and Free Port of Batam, and Indonesian firm Central Distribusi Batam have signed a memorandum of understanding (MoU) with the Ministry of Trade to transform the country’s shipping industry starting from the Riau Province, which sits on one of the busiest shipping lanes in the world.

The preliminary phase will reportedly include the application of PLMP Fintech’s Creatanium blockchain protocol with the aim to standardize and simplify the bidding process between buyers and sellers and to ensure that it is done openly and transparently.

“Our solutions will allow for round-the-clock updates on the exact location of moving goods to prevent delays and optimize the whole process,” Kym Kee, PLMP Fintech’s Co-founder, said.

Meanwhile, Mediterranean Shipping Co. (MSC) and CMA CGM, two of the biggest shipping firms in the world, are joining TradeLens, the blockchain-based digital shipping platform developed by Maersk and IBM.

Using TradeLens, customers, shipping lines, freight forwarders, port authorities, and customs authorities can track cargos and containers by ditching the conventional paper-based process and digitizing the shipping supply chain ecosystem.