The largest port operator in China, the China Merchants Port, made a deal on May 28 with the Alibaba Group. The Alibaba Group is an eCommerce firm with an affiliate called Ant Financial. The deal will allow Alibaba Group and the China Merchants Port to make a blockchain platform focused on different uses. The local media in China said that the platform will facilitate buying, selling, logistics, banking, customs and tax collections all in one online place. It can be done without contact for digital exporting and importing services.
The companies plan to work together in order to promote an integrated blockchain technology within the port industry. The project's goal is to be the first blockchain-based digital port in the world. It will have an open collaboration network.
In the report from the local Chinese media sources, experts describe the port will work as a core connection node for international commercial trading. It will also include the logistics side of the industry and emphasize the nee to have a fast sharing of information with the use of blockchain technology. The project's participants hope that the fast innovation and upgrading of the port business model will come to fruition in China.
Jing Xiandong, who is the chairman of Ant Financial Group, had a lot of accolades for the partnership. Xiandong said that blockchain will be the right infrastructure for reshaping international logistics and trade services. It will be the driving force for a multiple party restructuring project and collaborative. The Ant Blockchain technology will be the right solution for the project.
Outsiders describe the partnership as ambitious. It could boost the adoption of blockchain. The China Merchants Port has 50 ports in 26 nations and regions around the globe. Each port plays an important role in global trade. In a May 9 report to the media, a Chinese province had joined the ecosystem of blockchain with an international financial services platform. A few Chinese government officials said that China's blockchain-based Service Network would be initiated. This report was on April 27. It is now open for business for running blockchain applications.