Today Ant Group and Alibaba Group signed a deal with COSCO Shipping to explore using Ant Blockchain technology for the global shipping industry. COSCO is the third largest container shipping company in the world and is also a member of Global Shipping Business Network (GSBN).
Ant stated the motivation is to address the complexity of the shipping process, the numerous steps involved with many participants. Blockchain aims to link all the organizations from logistics providers and shipping companies to ports and financiers. Ant specifically highlighted supply chain finance, which is the top use case for enterprise blockchain in China.
“Through Ant Group’s 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 Eric Jing, Executive Chairman of Ant Group.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
