Cosco and Alibaba join forces in bid to transform shipping via Blockchain
COSCO has entered into an agreement with e-commence conglomerate Alibaba and its fintech affiliate Ant Group to collaborate on blockchain applications in shipping, reports Singapore's Splash 24/7
COSCO has entered into an agreement with e-commence conglomerate Alibaba and its fintech affiliate Ant Group to collaborate on blockchain applications in shipping, reports Singapore's Splash 24/7.
They will work together to promote blockchain developments to connect data and systems in ports, logistics and finance, creating a platform to effect greater integration in supply chains.
Ant Group sees partnership as reducing complexity in shipping by linking all parties concerned. Its technology, Ant Group's Blockchain, is the biggest enterprise-oriented blockchain platform in China with the ability to process up to one billion transactions a day and support one billion users.
If all goes well, shippers will complete the whole shipping process without noticing the existence of shipping companies.
'Through blockchain technology, we look forward to supporting the digital transformation of the global shipping industry, and working with Cosco Shipping to make it easier and more efficient to trade globally,' said Ant Group executive chairman Eric Jing.
Alibaba entered into a similar agreement with China Merchants in May to develop a digital platform for port operations, reported Splash. The partnership is expected to be a strong competitor to TradeLens, a blockchain initiative set up by Maersk and IBM in 2018.