Leading Chinese Shipping Company Looking to Implement Blockchain Technology

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The possible implementation of blockchain technology to finance upstream suppliers is being explored by the China Shipbuilding Industry Company Limited (CSICL), People’s Daily (official Chinese newspaper) reported on 27 March 2019. China Shipbuilding Industry Corporation (CSIC), one of the two biggest Chinese shipping conglomerates, owns CSICL.

A strategic cooperation agreement, concerning supply chain services, was signed between Shanghai Bank and CSICL. A blockchain-backed online supply chain finance platform will be developed by Shanghai Bank and CSICL for CSIC’s upstream suppliers noted the agreement.

Company’s ten major product sections will be covered by the said platform, including, automation distribution systems, marine engineering, gas meters, storage batteries, port machinery, shipbuilding, large steel structure fabrications, turbochargers, diesel engines, and tobacco machinery.

The said agreement is a part of Shanghai Bank’s plan to integrate new technologies into its system to improve business processes.

Previously, in October 2018, an online supply chain financial service platform, named Uplink e-Chain was launched for medium and small enterprises by Shanghai Bank.

Wide application of blockchain technology in various supply chains, especially in the shipping industry has been seen recently. Earlier this year, Zim (largest cargo shipping company in Israel) launched its blockchain-based platform for electronic bills of lading to all clients.

Moreover, a port operating system backed by blockchain, named Edge.Port will be developed by Infotech Baltika (shipping logistics company based in Russia) in collaboration with blockchain startup Iconic (based in Moscow).

Furthermore, a pilot of blockchain-based maritime trade platform (TradeTrust), funded by the Singapore government will be launched during the on-going year. Singapore’s Maritime Port Authority, the Singapore Shipping Association, Singapore Customs and Infocomm Media Development Authority signed a Memorandum of Understanding back in January 2019 which led to the announcement of the pilot project.

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