Technology startup MVC Global, based in Bahrain, and logistics company Cox Logistics Group will jointly open the so-called SmartHub logistics warehouse Improve the distribution of medicines across the Gulf Cooperation Council.
The blockchain platform for the logistics warehouse offers IoT tracking and tracking sensors as well as a SmartPass based on intelligent contracts to ensure compliance with customs authorizationsGulf Today reported on April 27. Also Users can provide the platform to fund the supply chain and process international payments.
The organizers claim that SmartHub is able to accelerate and improve the distribution of food and medical supplies in the region in both cold and non-cold storesand significantly reduce the time spent on paperwork, administration and bureaucracy.
Trying to turn Bahrain into a fintech hub
Husain Rajab, chief investment officer of the Bahrain Economic Development Board (EDB), said: “The project aims to take advantage of Bahrain’s world-class digital infrastructure, which would enable the kingdom to become an important regional logistics center.”
This is in line with EDB’s program to attract more fintech startups to the country that was founded last November.. At the time, the EDB said: “The Kingdom’s groundbreaking, agile and flexible legal framework enables it to regulate emerging technologies such as open banking and cryptocurrencies in a way that other jurisdictions simply cannot.”
Companies around the world are implementing blockchain in supply chains
In the meantime Blockchain has gained popularity in the supply chainThe most important companies in the world use technologies to improve their internal processes. Yesterday Cointelegraph reported that Cos, the luxury subsidiary of the fast fashion brand H M, has partnered with the blockchain platform VeChain.to provide customers with detailed supply chain data.
Last month, the Malaysian Palm Oil Council and blockchain startup BloomBlocthey developed a blockchain application that Allows users to track palm oil throughout the supply chain. The system records each tree and the related information.
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