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Alibaba signs a blockchain agreement with a Chinese port operator

May 30, 2020

China’s largest port operator, China Merchants Port, signed an agreement on May 28 with the e-commerce giant Alibaba Group and its subsidiary Ant Financial. This agreement enables the development of a blockchain-based platform that focuses on various use cases.

According to local media, the platform will enable buyers, sellers, logistics companies, banks, customs and tax officials to perform digital export and import transactions without contact.

The companies will promote deep integration of blockchain technology into the port industry. The goal is to become the world’s first blockchain-based digital port with an open collaboration network.

Implementation of blockchain technology in the port business model

Alibaba signs a blockchain agreement with a Chinese port operatorAlibaba signs a blockchain agreement with a Chinese port operator

The report describes that the port is a central hub connecting the international trade chain of trade and logistics, and emphasizes the need to use an accelerated data exchange scheme using blockchain technology.

With the project, all parties hope to “promote rapid innovation and updating of the port business model in China”.

Jing Xiandong, President of Ant Financial Group, praised the announcement and commented:

Blockchain will be the key infrastructure for transforming international trade and logistics. (…) As an engine for collaboration in multi-party restructuring, Ant Blockchain technology will be the best solution. “

An “ambitious” project that aims to strengthen the introduction of blockchain

The China Merchants Port has 50 ports in 26 countries and regions around the world. According to Lieyunwang, everyone plays a crucial role in supporting world trade.

On May 9, Cointelegraph reported that a Chinese province has joined the blockchain ecosystem with the announcement of a cross-border financial services platform.

Several Chinese government officials announced China’s blockchain-based service network on April 27. It is now available for global trading and is designed to help blockchain projects build and run new blockchain applications at a lower cost.

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