The e-commerce giant Alibaba has partnered with China's largest port operator to strengthen the adoption of blockchain in the logistics industry.
The world's first digital port
On 28 May, China's largest port operator, China Merchants Port, concluded an agreement with the e-commerce giant, Alibaba Group, and its subsidiary, Ant Financial. The agreement aims to develop a platform based on blockchain technology, which will have many different uses.
According to the 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 world's first blockchain-based digital port.
Adopting blockchain in the logistics industry
The published report states that the port is a key element linking the international trade and logistics chain. It also stresses the need for a rapid data exchange system using blockchain technology.
With this project, all parties hope to "promote rapid innovation and modernization of the port business model" in China.
Jing Xiandong, President of Ant Financial Group, praised the agreement, commenting:
“Blockchain will be the key infrastructure to reshape international trade and logistics. (…) As the engine for multi-party restructuring collaboration, Ant Blockchain technology will be the best solution.”
China Merchants Port has 50 ports in 26 countries worldwide. Each of them plays a key role in world trade.
What else has recently happened in China?
On May 9th Cointelegraph informed that the Chinese province has joined the blockchain ecosystem, announcing the creation of a cross-border financial services platform.
On 27th April Chinese government representatives announced the creation of a service network based on Blockchain. It aims to help create and run new applications based on blockchain at the lowest possible cost. The service is officially available for commercial use worldwide.
On 28th May the Chinese parliament passed a new civil code. Under the new rules, internet property and virtual currencies will be allowed to be inherited. The law will come into force from January 1, 2021.