Singaporean blockchain company PLMP Fintech has signed an MOU this afternoon with the Agency for Free Trade Zone and Free Port of Batam and Indonesian firm Central Distribusi Batam for the development of a multi-million project in partnership with the Ministry of Trade that aims at reshaping the whole country’s logistics sector starting from the biggest island of the Riau Province.
The pilot phase will see the implementation in Batam of PLMP Fintech’s own Creatanium blockchain protocol to standardise the bidding exercise between buyers and sellers of agricultural commodities.
“Both parties will benefit from a simplified process where offering prices and trading are conducted openly and transparently”, says Clayton Ong, the tech firm’s appointed Country Manager that will oversee operations as they are gradually extended to the whole of Indonesia.
With one of the world’s largest populations and a challenging territory that encompasses thousands of islands and hectares of jungle, Indonesia can make the best use of a blockchain-based tracking platform to turn its time-consuming supply chain into an efficient machine.
“Our solutions will allow for round-the-clock updates on the exact location of moving goods to prevent delays and optimise the whole process”, explains PLMP Fintech’s Co-Founder Kym Kee during her presentation.
Indonesia’s logistics sector has a significant impact on the country’s GDP with costs that can be more than twice those of its neighbouring countries with imbalances also at national levels. Where inefficiencies in the transportation and delivery of goods within certain territories lead to higher prices for basic commodities like rice or sugar, PLMP Fintech’s blockchain solutions can bring the transparency and traceability needed to create an even ground.
The project is part of PLMP Fintech’s vision to build up a strong blockchain ecosystem made unique by the use of its own protocol and a diversified source of revenue from technological solutions to digital assets. Backed by a number of projects already in the pipeline around Southeast Asia, last one of which in Batam, and by market confidence, the company’s own digital currency Creatanium has already surpassed parity with the US dollar in less than a year from its launch in May 2018.
- About the Author
- Latest Articles
About Richard Kastelein
Founder and publisher of industry publication Blockchain News (EST 2015), a partner at ICO services collective Token.Agency ($750m+ and 90+ ICOs and STOs), director of education company Blockchain Partners (Oracle Partner) – Vancouver native Richard Kastelein is an award-winning publisher, innovation executive and entrepreneur. He sits on the advisory boards of some two dozen Blockchain startups and has written over 1500 articles on Blockchain technology and startups at Blockchain News and has also published pioneering articles on ICOs in Harvard Business Review and Venturebeat. Irish Tech News put him in the top 10 Token Architects in Europe.
Kastelein has an Ad Honorem – Honorary Ph.D. and is Chair Professor of Blockchain at China’s first Blockchain University in Nanchang at the Jiangxi Ahead Institute of Software and Technology. In 2018 he was invited to and attended University of Oxford’s Saïd Business School for Business Automation 4.0 programme. Over a half a decade experience judging and rewarding some 1000+ innovation projects as an EU expert for the European Commission’s SME Instrument programme as a startup assessor and as a startup judge for the UK government’s Innovate UK division.
Kastelein has spoken (keynotes & panels) on Blockchain technology in Amsterdam, Antwerp, Barcelona, Beijing, Brussels, Bucharest, Dubai, Eindhoven, Gdansk, Groningen, the Hague, Helsinki, London (5x), Manchester, Minsk, Nairobi, Nanchang, Prague, San Mateo, San Francisco, Santa Clara (2x), Shanghai, Singapore (3x), Tel Aviv, Utrecht, Venice, Visakhapatnam, Zwolle and Zurich.
He is a Canadian (Dutch/Irish/English/Métis) whose writing career has ranged from the Canadian Native Press (Arctic) to the Caribbean & Europe. He’s written occasionally for Harvard Business Review, Wired, Venturebeat, The Guardian and Virgin.com, and his work and ideas have been translated into Dutch, Greek, Polish, German and French. A journalist by trade, an entrepreneur and adventurer at heart, Kastelein’s professional career has ranged from political publishing to TV technology, boatbuilding to judging startups, skippering yachts to marketing and more as he’s travelled for nearly 30 years as a Canadian expatriate living around the world. In his 20s, he sailed around the world on small yachts and wrote a series of travel articles called, ‘The Hitchhiker’s Guide to the Seas’ travelling by hitching rides on yachts (1989) in major travel and yachting publications. He currently lives in Groningen, Netherlands where he’s raising three teenage daughters with his wife and sailing partner, Wieke Beenen.
- MIT Professor Silvio Micali’s Algorand Project Announces Date for First Auction – June 6, 2019
- SEC sues Canadian Messaging Service Kik Selling Unregistered Securities in its $100 million ICO – June 4, 2019
- CrowdEngine Teams Up With Polymath Adding Security Token Issuance to List of Crowdfunding Services – June 3, 2019
- Bitcoin Inc. CEO Morgan Rockcoon Busted – 21 Months in Prison and Fines – June 3, 2019
- Reshaping a Nation’s Logistics Sector: Singaporean Blockchain Company PLMP Cuts Multimillion Dollar Deal With Indonesia – June 3, 2019
- Swisscom TV Opens Blockchain-based Art Gallery – June 3, 2019
- Canadian Messaging Service Kik Burns $5 Million Fighting SEC Over Utility Tokens, Now Raising $5 Million More to Continue Battle – June 3, 2019
- Salesforce Introduces CRM Blockchain Platform For Selected Clients – June 3, 2019
- Block.one Plans to Tackle Pitfalls of Social Media With New Blockchain Community Called “Voice” – June 3, 2019
- CasperLabs and Ethereum on Proof of Stake Protocol at CryptoChicks in Toronto, family ran Hack-A-Thon for blockchain family – June 3, 2019
- World Economic Forum Inaugurates Global Blockchain Council to Address Lack of Well-Defined Rules for Working with Blockchain – May 29, 2019
- India’s First Blockchain Powered VoD Platform ‘myNK’ Launches At Cannes Film Festival – May 27, 2019
- New Zealand’s Cryptopia Exchange Packs It In – Announces Liquidation – May 15, 2019
- Canadian Blockchain Expert Alex Tapscott and NextBlock Global Limited to Pay $1M for Misleading Investors – May 15, 2019
- ObEN Launches AI Newscaster With 3D “Satoshi” Avatar to Deliver Content via PAI News App – May 14, 2019
- Leading Freelance Platform Moonlighting Announces First Blockchain Integration Partner – Teams with HireVibes For EOSIO Solution – May 14, 2019
- Polish-UK Blockchain Company Billon awarded €2 million euro from EU to build DLT Document System – May 14, 2019
- City of Belfast and Colu Team up to Create City Loyalty Token to Boost Local Economy and Environment – May 8, 2019
- Fidelity Investments – to Launch Cryptocurrency Trading Desk Soon – Recent Report Shows Clients Want To Trade Digital Assets – May 8, 2019
- Consensys Accelerates Blockchain Investment Portfolio, Consolidates Investment Arms – May 8, 2019
View All Articles
Also published on Medium.