Indonesia Inks Multimillion Dollar Blockchain Deal To Transform Shipping Industry

PLMP Fintech, a blockchain company based out of Singapore is all set to take part in a multimillion dollar logistics projects being undertaken in collaboration with the Indonesian government to improve the situation of the country’s shipping industry. A press release published on the 29th of May outlines the details of the project.

This new project will be taken up by the Singapore-based firm and the Ministry of Trade of Indonesia, with the objective of transforming the very contours of the Indonesian shipping industry from the Riau province region. Being one of the busiest shipping lanes globally, this region stands to majorly benefit from blockchain adoption.

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A Memorandum of Understanding (MoU) was signed between PLMP and several organizations and bodies with interests in the shipping industry from Batam, an Indonesian city and the largest urban area in the Riau Islands.

As the press release tells us, the MoU was signed by the Indonesian firm Central Distribusi Batam and the Agency for Free Trade Zone and the Free Port of Batam.

Speaking about the new project, PLMP co-founder Kym Kee made the following statement in her presentation:

“Our solutions will allow for round-the-clock updates on the exact location of moving goods to prevent delays and optimise the whole process.”

In the pilot stage, the project will deploy Creatanium, a blockchain protocol created by PLMP Fintech itself. This will help bring in a degree of uniformity in the communication standards between those buying and those selling agricultural produce.

By providing instant updates on where the moving goods are exactly located, this blockchain project aims at ensuring a higher degree of cost and time efficiencies.

Earlier this year, Indonesian legislators had come up with a new law to introduce new laws to give official recognition to cryptocurrencies such as Bitcoin as a commodity for trading. Clearly, Indonesia is all set to take the leap towards the future as far as crypto and blockchain are concerned.