China’s largest port operator, China Merchants Port, has partnered with a division of trade giant Alibaba Ant Financial to develop a blockchain-based platform.
The platform will be used for the full range of operations faced by seaports. It will connect buyers, sellers, banks, customs and tax authorities, as well as logistics companies. Participants of operations will be able to issue the necessary documents in digital form and transfer the cargo for shipment.
According to China Merchants Port, which manages 50 ports in 26 countries, the company’s goal was to create the world’s first “fully integrated blockchain port”. Ant Financial Chairman Jing Xiandong also commented on the collaboration:
“Blockchain will be a key factor in creating an infrastructure that will change the principles of international trade and logistics. The Ant Financial platform is perfect for restructuring the interaction of various participants in the supply chain.”
Recall that in mid-April, Ant Financial launched a corporate platform on the Open Chain blockchain. It will help small and medium-sized businesses implement applications on the blockchain.