Indonesia’s Ministry of Trade has signed an MoU with Singaporean blockchain firm PLMP Fintech, Central Distribusi Batam and the Agency for Free Trade Zone and the Free Port of Batam. According to a press release, the partnership is meant to revolutionize the country’s shipping industry, starting with the Riau Province which is home to one of the world’s busiest shipping lanes.
The pilot stage will be implemented in Batam with the utilization of PLMP Fintech’s blockchain protocol Creatanium to standardize the bidding process for agricultural products between buyers and sellers. The project intends to ensure greater efficiency in terms of time and cost by showing instant updates on the exact location of moving goods.
(Sources: Cointelegraph.com; prnewswire.com)