Ping An Group associate OneConnect recently launched a blockchain platform to facilitate trade between Shekou and Shunde’s ports in China. The project is a collaboration between OneConnect and China Merchants Port Group to maintain the competitiveness of China’s Greater Bay Area Ports by improving trade efficiency across all thirty seven ports in the region.
The initiative’s name is a rather long one: the Guangdong-Hong Kong-Macao Greater Bay Area Port Logistics and Trade Facilitation Blockchain Platform Project. The collaboration was announced just eight months ago.
A pilot of the project was completed, where a total of 200 TEUs of real goods were imported and exported between the two Chinese ports. The blockchain platform reduced the time for logistical processes from an average of six days to just two days. Furthermore, it’s estimated that costs across the supply chain fell by 30%.
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