According to the agreement a blockchain powered platform will be developed, focusing on several use cases.
The platform will permit buyers, logistic firms, sellers, customs, banks and tax officials to carry out contactless digitally enabled import and export dealings.
The enterprises will foster a deeper adoption of blockchain technology in the port sector.
Their objective is to transform into the world’s first-blockchain powered digital port with a transparent partnership.
The document explains that the port acts as a core node linking the global business trading and logistics sector chain, stressing the requirement to implement quick data sharing platform with the aid of blockchain technology.
With this endeavor, all parties intend to “promote the rapid innovation and upgrade of the port business model” in China.
Jing Xiandong, chairman of Ant Financial Group, appreciated the partnership, stating:
“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 operates 50 ports in 26 countries across the globe. Each of them plays a central role in aiding global commerce, as per Lieyunwang.
Notably, a Chinese province has adopted blockchain technology with the announcement of a cross-border financial service platform.
On April 27, several Chinese government executives formally revealed China’s Blockchain powered Service Network.
The platform is now used for global commerce and intends to assist blockchain ventures establish and operate new blockchain applications in a cost effective manner.