IMC Newsdesk

Cosco, Alibaba and Ant partner on blockchain in shipping

  • July 14, 2020
  • Steve Rogerson

Chinese companies Cosco Shipping, Alibaba and Ant Financial are cooperating to explore the use of blockchain in global shipping networks.
 
Cosco will join hands with Alibaba affiliate Ant Financial to research and promote the deployment of shipping blockchain in China. The two parties will make efforts to facilitate the connection of shipping, ports, logistics and finance based on blockchain technology, and to realise data connectivity through cross chain cooperation to build a platform for systematic cooperation between the upstream and downstream industrial chains.
 
In the field of international shipping and trade, the two companies hope to expand the application of shipping blockchain, start research on the basic application data format based on shipping blockchain, and promote the formulation of data standards. Moreover, they also aim to strengthen cooperation in intelligent shipping, intelligent ports and supply chain finance, pushing forward the digitisation of shipping operational procedures and documents.
 
Ant Finance has expanded the commercial use of blockchain into over 50 scenarios, such as merchandise traceability, justice, copyright, public welfare, supply chain finance, asset securitisation and electronic bills.
 
Eric Jing, executive chairman of Ant Financial, said that through the deep integration of logistics and technology he expected to see that blockchain technology could help facilitate asset digitisation and multi-party cooperation in the area of logistics so as to promote the digitisation of the international logistics industry.
 
By working with Cosco Shipping to create an integrated logistics supply chain, Ant Financial says it is committed to making global trade more transparent, unobstructed and efficient.
 
Integrated shipping company Cosco has also been actively riding the tide of digitisation, while being dedicated to building an integrated supply chain service platform. Through deep integration of technologies such as big data, blockchain and supercomputing within the shipping industry, it aims to promote the application of digital technology in the industry, improve its service security and efficiency, and propel the digitised transformation of the industry to provide reliable digitised service for its clients.
 
Cosco’s chairman Xu Lirong said the company hoped to deepen cooperation with various parties on such technologies as blockchain, IoT and 5G to promote the seamless connection and smooth flow of cargoes, funds and information between the upstream and downstream industrial chains. While trying to turn the shipping industry into a key area of technological progress and industrial integration, the company also looks to play its role in pushing forward the digitised transformation and synergistic innovation of the logistics supply chain.