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Blockchain To Power Indonesia's Logistics Sector To Reduce Costs

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Singaporean blockchain firm PLMP Fintech is partnering the Indonesian Ministry of Trade in a multi-million project to reshape the country's logistics sector, starting from the biggest island of the Riau Province. It will be gradually extended to the whole of Indonesia.

An MOU to this effect was signed with the Agency for Free Trade Zone and Free Port of Batam and Indonesian firm Central Distribusi Batam.

The project will help tackle the inefficiencies in the transportation and delivery of goods within certain territories in Indonesia, which lead to higher prices for basic commodities like rice or sugar. Indonesia's logistics sector has a significant impact on the country's GDP, which is impacted due to the higher costs.

The move will see the implementation of a pilot phase using PLMP Fintech's own Creatanium blockchain protocol to simplify the bidding process between buyers and sellers of agricultural commodities. The pilot phase will be implemented in Batam, a small island in Indonesia's Riau Archipelago.

The use of a blockchain-based tracking platform will bring transparency and traceability when offering prices and trading are conducted for the commodities. It can turn Indonesia's time-consuming supply chain into an efficient process.

The platform will allow for round-the-clock updates on the exact location of moving goods to prevent delays and optimize the whole process of goods transportation.

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