China Merchants Port to work with Alibaba and Ant
The China Merchants Port Group, China's largest port operator, has signed a strategic partnership agreement with Alibaba and its affiliate Ant Financial Group to create a new smart port network.
The three parties aim to integrate port infrastructure, internet, big data, and financial services, by innovating business models with the objective of creating an transparent and integrated digital port logistics ecosystem.
The new platform will be based on blockchain technology with the goal of enabling trade by allowing purchasers and product sellers to conduct digital contactless exports.
The trio aims to jointly provide support and services for promoting world trade, conduct extensive, multidisciplinary and in-depth cooperation in the countries alongside the "Belt and Road Initiative," and create a community of responsibilities, priorities and common future.
Digitalization and automation of port sector operations are gaining ground, particularly in the wake of the coronavirus pandemic, where remote operations are viewed from a completely different health and safety perspective.
Blockchain has the ability to dramatically improve port performance, as it will save time and money while simultaneously cutting red tape.
Maritime Business World