China Merchants Port, which is China’s biggest port operator, reached a deal with the e-commerce giant, Alibaba Group, and its affiliate, Ant Financial. This deal will allow for the development of a blockchain-based platform, which will target several different use cases. According to local news reports, the platform will allow buyers, sellers, logistic companies, banks, customs, and tax officials to conduct contactless digital export and import transactions. The e-commerce giant Alibaba and the China Merchants Port will promote an in-depth integration of blockchain technology in the port industry.
Companies aim to increase blockchain adoption in the port industry.
China Merchants Port aims to become the world’s first blockchain-based digital port with an open collaboration network. The report details that the port is a core node connecting the international commercial trading and logistics industry chain, emphasizing the need to apply a quick data sharing scheme using the blockchain technology. The chairman of Ant Financial Group, Jing Xiandong, commented on the collaboration that blockchain would be the key infrastructure to reshape international trade and logistics. As the engine for multi-party restructuring collaboration, Ant Blockchain technology will be the best solution, he added.
Regulators take a serious look at blockchain amid the pandemic.
Since the pandemic has begun, the regulators all over the world are looking for safer ways to allow businesses to work that does not require human to human contact. The blockchain technology that underpins most cryptocurrencies has been proved to beneficial in such cases as the technology removes the need for paperwork. Earlier this month, the US Senate proposed blockchain voting during the lockdown. The proposed bill sought a blockchain-based distribution of medical equipment.
A recent Senate memo showed how the government changed its stance towards the blockchain technology, with security being one of the main factors. However, the Senate expressed security concerns over remote blockchain voting, which included vulnerabilities from cryptographic flaws and software bugs.