COSCO has entered into an agreement with e-commence conglomerate
Alibaba and its fintech affiliate Ant
Group to collaborate on blockchain
applications in shipping, reports Singapore's
Splash 24/7.
They will work together to
promote blockchain developments to connect data and systems in ports, logistics
and finance, creating a platform to effect greater integration in supply
chains.
Ant Group sees partnership as
reducing complexity in shipping by linking all parties concerned. Its
technology, Ant
Group's Blockchain, is the biggest
enterprise-oriented blockchain platform in China with the ability to process up
to one billion
transactions a day and support one billion users.
If all goes well, shippers will
complete the whole shipping process without noticing the existence of shipping
companies.
"Through blockchain
technology, we look forward to supporting the digital transformation of the
global shipping industry, and working with Cosco Shipping to make it easier and
more efficient to trade globally," said Ant
Group executive chairman Eric Jing.
Alibaba entered into a similar agreement with China Merchants in May to develop a digital platform for port
operations, reported Splash. The partnership is expected to be a strong
competitor to TradeLens, a blockchain initiative set up by Maersk and IBM in
2018.
Source : HKSG / Photo : Splash 247.
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