China’s biggest port operator, China Merchants Port, struck a deal on May 28 with the e-commerce giant, Alibaba Group, and its affiliate, Ant Financial. This deal will provide for the development of a blockchain-based platform, which will target a number of different use cases.

According to local media, the platform will provide logistic companies, buyers, sellers, banks, customs, and tax officials to carry contactless digital export and import transactions.

The companies will foster an in-depth combination of blockchain technology in the port industry. Their aim is to become the world’s first blockchain-based digital port with an open collaboration network.

Implementing blockchain technology within the port business model

The report features that the port is a core node joining the international commercial trading and logistics industry chain, highlighting the requirement to apply a quick data sharing scheme with the aid of blockchain technology. With the project, all parties wish to “promote the rapid innovation and upgrade of the port business model” in China.

Jing Xiandong, chairman of Ant Financial Group, said in a statement: “Blockchain will 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.”

Also, read – The Supreme Court of China notifies cryptocurrency market transactions are “illegal fundraising.”

An “ambitious” project that aims to strengthen blockchain adoption

China Merchants Port has 50 ports in 26 countries and regions across the globe. Each performs a crucial role in supporting global trade, according to Lieyunwang. On May 9, it was reported that a Chinese province entered the blockchain ecosystem with the declaration of a cross-border financial services platform. Several Chinese government officials declared China’s Blockchain-based Service Network on April 27. This is now accessible for global commerce and intends to support blockchain projects to build and operate new blockchain applications for a lower cost.