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
Artificial Intelligence: CICERO, An AI That Plays The Diplomacy Game “At A Human Level”
November 23, 2022     Artificial Intelligence, News

Meta (formerly Facebook) (NASDAQ: META) announced on Wednesday the launch of CICERO, the first artificial intelligence (AI) agent to achieve human-level performance in the popular strategy game Diplomacy. So far,…
Venture Capital: Astera Labs Lands $150M At $3.15B Valuation
November 22, 2022     News, Venture Capital

Astera Labs announced a $150 million Series D funding round led by Fidelity Management and Research that valued the company at $3.15 billion. Other existing investors, including Atreides Management, Intel…
FinTech: Expedia And Afterpay Tie Up To Offer BNPL For Travel
November 22, 2022     FinTech, News

Indeed, according to a CNN article, travellers should get prepared for the most expensive holiday travel season ever. Average air fare is up about 40% from 2021, and rates for…
Digital Assets: Crypto Contagion Spreads To Miners – Iris Energy Unplugs Mining Hardware Amidst Default
November 22, 2022     Digital Assets, News

Iris Energy (NASDAQ: IREN), the Australia-based bitcoin mining firm, said in a filing that it had taken down a large chunk of its mining capacity that had been used as…