6.9 C
Manchester
September 21, 2020
Image default
Bitcoin

Alibaba and the Chinese port operator will use blockchain technology to create the world’s first “Digital Port” | Blocksats

The e-commerce giant Alibaba has entered into cooperation with the largest Chinese port operator. Together with other entities, they will create a dedicated platform based on blockchain, which will strengthen the adoption of technology in the logistics industry.

The world’s first Digital Port

On May 28, China’s largest port operator, China Merchants Port, concluded a contract with the e-commerce giant, Alibaba Group, and its subsidiary, Ant Financial. This agreement aims to develop a platform based on blockchain technology that will have many different applications.

According local media, the platform will allow buyers, sellers, logistics companies, banks, customs and tax officials to make contactless digital export and import transactions.

These companies will promote the integration of blockchain technology in the port industry. Their goal is to create the first in the world, based on blockchain, Digital Port.

Blockchain adoption in the logistics industry

The published report states that the port is a key element connecting the international commercial and logistics chain. It also emphasized the need for a fast data exchange system using blockchain technology.

Thanks to the project, all parties hope to “promote rapid innovative solutions and modernize the port business model” in China.

Jing Xiandong, president of Ant Financial Group, praised the conclusion of the contract, commenting:

“Blockchain will be a key infrastructure for transforming international trade and logistics.” (…) As the driving force of multilateral restructuring cooperation, Ant Blockchain technology will be the best solution. “

China Merchants Port has 50 ports in 26 countries around the world. Each of them plays a key role in global trade.

What else has happened in China recently?

April 27 Representatives of the Chinese government they announced creating a service network based on Blockchain. It aims to help create and launch new applications based on blockchain at the lowest cost. The service is officially available for commercial use worldwide.

On May 9, Cointelegraph announced that the Chinese province joined the blockchain ecosystem, announcing the creation of a cross-border financial services platform.

On May 28, the Chinese parliament adopted a new civil code. Under the new rules, Internet ownership and virtual currencies can be inherited. The law will enter into force on January 1, 2021.

Related posts

Coinbase CEO: Bitcoin is more trustworthy than the US dollar |

Aparnna Hajirnis

Major Chinese mining company Bitmain to sell low-priced Bitcoin mining machine “T19”

Aparnna Hajirnis

How likely is Bitcoin to reach $ 20,000 by the end of the year?

Anupreet Kaur

Leave a Comment