The goal of Merchants Port is to become the world’s first digital port based on blockchain technology, with an open collaboration network.
Merchants Port, the giant port operator in China, signed an agreement with Alibaba Group, the e-commerce giant, to develop a platform based on blockchain technology that will have different uses and contribute to the adoption of blockchain technology.
Alibaba Group Subsidiary, Ant Financial, also participates in the agreement. According to local media, the platform will allow buyers, sellers, logistics companies, banks, customs, and tax officials to conduct digital export and import transactions without physical contact, which is a benefit in the days of Covid-19.
This agreement establishes that the three parties have the task of promoting a deeper integration between the port industry and digital technology. For this reason, the purpose of the agreement is to develop an open platform for smart ports.
In this way, blockchain technology will continue to expand to integrate into the port sector and demonstrate that it can be of great help in any industry. This is because blockchain technology allows users to conduct transactions quickly, safely, unalterable, and verifiable. For this reason, blockchain technology continues to attract the attention of important companies, as is now the case with the Chinese giant Merchants Port.
Details about the Project
The objective of this port operator is to become the world’s first digital port based on blockchain technology, with an open collaboration network. With this project, all parties involved hope to “promote rapid innovation and updating of the port business model” in China.
According to a report from the port company, the port is a central node that connects the international commercial chain of commerce and logistics. Because of this, a platform like the one of blockchain must link transaction data quickly and securely.
Jing Xiandong, President of the Ant Financial Group, commented: “Blockchain technology will be the key infrastructure to reshape international trade and logistics. (…) As an engine for multi-party restructuring collaboration, Ant Blockchain technology will be the best solution.”
About China Merchants
China Merchants Port has 50 ports in 26 countries and regions around the world. This is the reason why it would help expand the use of blockchain technology. Furthermore, each port plays a key role in supporting world trade, according to Lieyunwang.
More and more companies are joining the blockchain ecosystem by announcing that they now have a cross-border financial services platform that will help improve the level of operations.
Some Chinese provinces have joined the blockchain ecosystem. Besides, several Chinese government officials announced China’s blockchain-based services network on April 27th. This network is now available for global commerce and aims to help blockchain projects create and run new blockchain applications at a lower cost.
However, the Covid-19 pandemic has transformed the way the world unfolds, by generating new needs and new problems. But precisely the Covid-19 outbreak would be an opportunity for more companies and industries, in general, to adopt blockchain technology and finally find the solutions they need.
By María Rodríguez