Digital Assets: China Merchants Aims To Be the First Blockchain-Powered Port in the World

June 1, 2020 | Digital Assets, News

China Merchants Port’s blockchain network will integrate with China’s existing industry and port infrastructure.

China Merchant’s Port (HKG: 0144), the country’s largest port operator, is collaborating with Alibaba Group (NYSE: BABA), and its subsidiary, Ant Financial to develop a distributed ledger technology (DLT), or blockchain platform. (CROWDFUND INSIDER)

Ant Financial is the highest valued fintech company in the world. It is the world’s most valuable unicorn company, with a valuation of US$150 billion. China Merchants Port currently operates 50 different ports in 26 countries.

The three parties completed an “on-chain contract” through the smart contract pioneered by the Ant blockchain in Beijing, Hong Kong, Shenzhen, and Hangzhou.

The whole process is “contactless”, and the technology ensures that the contract cannot be tampered with once it has been signed.

Intelligent port

The three parties will develop a platform for an intelligent port. The network will remove bottlenecks in the flow of information in the country’s trade and port logistical chain.

The intelligent Port has been earmarked as one of China’s seven major projects to be upgraded to the 5G telecom spectrum.

It will form the “core node” for connecting to the global trade and logistics flow. It will allow exporters, importers, banks, customs authorities, and the tax department to seamlessly conduct all aspects of trade transactions.

Tall ambitions

China Merchants Port will become the world’s first blockchain-based digital port open collaboration network.

Hu Jianhua, general manager, said:  “China Merchants Port, Alibaba and Ant Group will jointly build an open and interconnected digital port logistics ecosystem, provide overall port logistics solutions, and use first-class management and technology for the logistics chain, supply chain, and industrial chain.”

India too digitizing its ports

In a parallel development, India’s largest multi-port operator Adani Ports and Special Economic Zone Limited (APSEZ) (NSE: ADANIPORTS) has partnered with IBM’s (NYSE: IBM) TradeLens platform to digitize its supply chain process.

TradeLens tied up recently with Cái Mép International Terminal, a major Asian shipping terminal. It is also collaborating with Oman’s largest port, Port of Salalah.

Related Story:  Ant Financial to Develop Blockchain-Based Agro-Monitoring Product With Bayer

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