OneConnect and China Merchants Port Group are collaborating to build a blockchain platform for ports in south China, reported China News. OneConnect, which recently listed on the NYSE, is a spin off from Chinese insurer Ping An.
The initiative will work on the digitization of ports and upgrade trade processes for greater efficiency. The project’s name is a bit of a mouthful: the Guangdong-Hong Kong-Macao Greater Bay Area Port Logistics and Trade Facilitation Blockchain Platform Project.
In the first phase, the two companies will work on building a smart port logistics platform that connects stakeholders such as the customs department, port operator, carriers, shippers, freight forwarder and financial institutions.
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