Alibaba & COSCO join forces in bid to transform shipping
With a new alternative to Maersk-IBM Tradelens in place the pace of tradetech digitalisation is speeding up.
Chinese state-run shipping giant Cosco Shipping has entered into an agreement with e-commence conglomerate Alibaba and its fintech affiliate Ant Group to collaborate on blockchain applications in shipping.
Under the agreement, the parties will work together to promote blockchain developments in various shipping and logistics sectors to connect data and systems in shipping, ports, logistics and finance with an aim to create a platform that facilitates integration along the supply chain.
According to Ant Group, the partnership aims to address the complexity of the shipping process by linking all parties in the shipping sectors. Its technology, Ant Blockchain, is the biggest enterprise-oriented blockchain platform in China with the ability to process up to 1bn transactions per day and support 1bn users.
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