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

Free Industry News

Subscribe to our free newsletter for updates and news about alternatives investments.

  • This field is for validation purposes and should be left unchanged.


Latest Alternative Investment News
FinTech: Klarna’s Valuation Plunges To $6.5B In Talks To Raise $650M (WSJ)
July 1, 2022     FinTech, Latest News, News

Klarna, the Swedish fintech known for its buy-now-pay-later (BNPL) financial product, is negotiating to raise $650 million at a valuation of $6.5 billion, which is a very sharp comedown from…
Venture Capital: OppZo, Which Funds Small Businesses Having Government Contracts, Raises $260M
July 1, 2022     News, Venture Capital

Fintech OppZo brings together investors and small businesses that need working capital loans for their government-facing businesses. Typically located in economically stressed areas of the country, these businesses represent an…
Alternative Investments/Digital: Jacobi To Launch Europe’s First Bitcoin ETF This Month

The Jacobi Bitcoin ETF, from Jacobi Asset Management, will have a number of firsts to its credit when it starts trading this month. It will be the first exchange-traded equity…
Artificial Intelligence: John Deere’s Advances in AI Powered Agriculture Machinery
July 1, 2022     Artificial Intelligence, News

John Deere (NYSE: DE) has achieved leadership in automated machinery powered by Artificial Intelligence (AI). The self-driving tractor pictured above was revealed in CES 2022 and has six pairs of…