Technology
Alibaba Signs Blockchain-related contract with port operator in China
China's largest port operator, China Merchants Port, reached a deal on May 28 with Alibaba Group, the e-commerce giant, and its affiliate, Ant Financial. This deal will allow a blockchain-based platform to be developed which will target a number of different usage cases.
The platform will allow purchasers, sellers, logistics companies , banks, customs and tax officials to conduct contactless digital export and import transactions, according to local media.
The companies should encourage a comprehensive incorporation of blockchain technology into the port market. Their goal is to become the first digital blockchain-based port in the world with an open network of collaborations.
Implementation of blockchain technology inside the port business model
The report details that the port is a core node connecting the international trade and logistics industry chain, stressing the need to use blockchain technology to implement an expeditious data sharing scheme.
With the project all parties hope to "promote rapid port business model innovation and upgrade" in China.
Ant Financial Group president Jing Xiandong praised the announcement, commenting:
"Blockchain will be the main platform for reshaping international logistics and trade. (...) Ant Blockchain technology would be the best option as the catalyst for multi-party transformation collaboration.
An “ambitious” project that aims to strengthen blockchain adoption
China Merchants Port has 50 ports in 26 countries and regions around the world. According to Lieyunwang, each plays a pivotal role in promoting global trade.
Cointelegraph announced on May 9 that a Chinese province has entered the blockchain community with the launch of a cross-border network for financial services.
On April 27, various government officials in China revealed the Blockchain-based Service Network for China. This is now available for global trade and aims to help blockchain developers build and run new lower cost blockchain applications.
