Blockchain technology has gradually begun to make inroads into several industries, from manufacturing to distribution. Although it was thought earlier that only the West dabbled in blockchain, it is now clear that countries such as China and Singapore have also made their mark in the sector.
Main businesses have been using blockchain technology to create a more sustainable and seamless supply chain, according to recent reports from China. Recently it was revealed that China’s port operator China Merchants Port, Jack Ma’s Alibaba, and Ant Group will begin work on new strategic cooperation.
Country reports stated that the partnership between the three organizations would be aimed at promoting port directives as well as using the internet to conduct business. The on-chain contract which Alibaba and Ant Groupo have created is expected to work in a fully contactless fashion. This will also ensure no one or organization can tamper with the blockchain data.
Xi Jinping and his cabinet made it clear that the country should use blockchain technology to improve normal functions and adheres to that ethos with the latest move. The integration of blockchain technology will also make China Merchants Port the “world’s first digital port based on the blockchain” open collaboration network. China sees the Port as an integral part of its trading machine, with the intention of embarking on the digital sphere with all participants.
The collaboration between the parties will include the features of the individual entities. Blockchain technology will be used to ensure the full port business link is open to customers. The target market will include buyers, sellers, logistics, taxes, customs, and bank insurance that is all-important. The system set up by Ant blockchain plays a major role, as large data movement is expected to be cumbersome.
Speaking about the collaboration, the General Manager of China Merchants Group Hu Jianmhua stated:
“China Merchants Port, Alibaba and Ant Group will jointly build an open and interconnected digital port logistics ecosystem, provide overall port logistics solutions, 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. We will also p[rovide first-class platform services to empower traditional trade and port logistics.”
Many financial experts in China believe that the latest move will determine the longevity of the industry in the country. One silver lining is that country and its ruling party has both put their weight behind blockchain technology. Only time will now tell how effective the collaborations will be with the whole world observing it for effective results.