Chinese Blockchain Agreement to Bolster Silk Road

 20 Aug 2018 04.00pm

Chinese blockchain company Yuanben has signed an agreement with a new platform for cross-region cooperation called the Maritime Silk Road Platform to protect global maritime freight data.

Maritime Silk Road Platform, which has established logistics networks in locations such as Hong Kong, Guangzhou and Shanghai, is an online booking service that displays information about global shipping routes.

As part of the agreement, blockchain technology will be used to provide node deployment, digital content deposit certificates, and a search interface for cargo tracking.

Blockchain will also be used to create an automatic identification system (AIS), which enables land-based companies to access the tracked course, speed and current bearing of their fleet.

Theo Notteboom discusses governance and integration across Chinese ports in a recent Port Technology technical paper

Fan Xi, Head of the blockchain initiative at Yuanben, said: "The support for the blockchain technology for the offshore silk road is a new expansion and innovation in the application of blockchain.

“This exemplifies cooperation between emerging blockchain technology and traditional information systems.

This successful example of a combination of management system technologies will promote a more efficient, transparent and secure development of the supply chain industry and accelerate the upgrade of global trade."

Dr. Cai Kunying, Head of the Maritime Silk Road Platform, also commented: "This cooperation is a successful example of the combination of emerging blockchain technology and traditional information management system technology.

“Yuanben blockchain technology will protect the global freight of the Silk Road."

It is reported that Yuanben and Maritime Silk Road Platform will explore opportunities for future collaboration, taking the logistics industry as an entry point.

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  Automation and Optimisation , Global Economy/Trade, Security and Logistics, Shipping