Blockchain and artificial intelligence (AI) will be used to streamline major ports in the Asia-Pacific region, following an agreement between technology company Ideanomics and APMEN Trade Tech.
The smart technologies will be implemented for Asia-Pacific Economic Cooperation’s (APEC) online port clearance platform, a system used by Shanghai and Guangdong in China.
Shanghai and Guangdong handled approximately USD $1.5 trillion of imports and exports in 2017, while Shanghai alone achieved an annual throughput of 40 million TEU.
The new services, which will be launched in Shanghai and Guangdong first, are expected to roll out into all ports operated by APMEN, including those in New South Wales, Vancouver and Hong Kong.
According to statement by Ideanomics, the use of blockchain will extend connectivity and increase the securitisation of port operations.
Dean Croke, of BiTA, discusses what blockchain could mean for logistics in a recent Port Technology technical paper
Bruno Wu, Chairman and Co-CEO of Ideanomics, said: “We will integrate business data from various partners, establishing a risk control model in cooperation with a single window to provide risk control services for regulatory authorities and enterprises.”
Dr Liu Yadong, Chairman of joint venture partner APEC Model E Port Network, commented: “The full implementation of connecting e-ports across the region using supply chain finance blockchain will save more than just trading costs and time.
“By leveraging intelligent supply chain services and super artificial intelligence technology, we are advancing trade facilitation and our supply chain connectivity.”
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