Alibaba Group, the massive China-based e-commerce giant, has reached a deal on the 28th of May, 2020, with its affiliate, Ant Financial, and China Merchants Port, the biggest port operator in China. This deal will allow for the development of a platform based on a blockchain network, which will then be used in a variety of different use cases.
Pushing For Advancements In Networks
Through coverage from a local media outlet, the platform was explained to allow its logistic companies, buyers, sellers, customs, banks, and tax officials to conduct imports and exports through contactless digital transactions.
The companies themselves will push for an in-depth integration of blockchain technology within the port industry at large. The overarching goal in this move, is to become the world’s first digital port with a blockchain-based, open collaboration network.
Aiming To Spread Data Across Whole Supply Chain
The report went into detail, stating that the port will serve as a core node that connects an international logistics and commercial trading industry chain. It emphasized the need to apply a thorough data sharing scheme, stating that the use of blockchain technology will help with this.
All parties within the project hope to promote a rapid innovation in China, and upgrade the port business model within the nation.
Jing Xiangdong stands as the Chairman of the Ant Financial Group, and gave the mandatory praises to the announcement as a whole. He explained that blockchain technology would stand as a key facet of infrastructure in the future, reshaping international logistics and trade. He went further, stating that Ant Blockchain technology will serve as the best solution for this, as it is an engine for multi-party restructuring collaboration.
Not Subtle About Expansion Dreams
China Merchants Port owns 50 ports, spread across 26 countries and regions across the globe. Each of these ports, in turn, serves as a vital role in the support of global trade.
China itself has been in the process of aggressive expansion within the blockchain space. On the 8th of May, it was reported that yet another Chinese province had joined up with the blockchain ecosystem China had developed to facilitate cross-border payments. It’s only a matter of time before this DC/EP gets pushed out internationally, quite possibly changing the financial landscape of the world at large.
Recently, Chinese officials had started to advocate for a blockchain-based payment system to act as a mediator with the entirety of East Asia, thus stimulating trade within the region.
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Author: Ali Raza