Chinese Shipping Giant, COSCO, to Use Alibaba Subsidiary Ant Financial’s Blockchain for Maritime Logistics
- Following a successful partnership between the shipping giant, Maersk, and IBM to set up an enterprise blockchain.
- Ant Group and COSCO become the latest shipping-tech partnership to integrate a blockchain to ease logistics in maritime transport.
According to a report by Technode, a partnership between Ant Group, a subsidiary of Alibaba and China’s shipping line, and the third-largest global shipping line, COSCO has been announced. The two giants will begin an exploration of how Ant blockchain, the former’s blockchain solution, can be integrated into shipping to track and trace goods in a bid to reduce the clog in logistics across ports.
Blockchain technology provides a digital transparent ledger that reduces the costs associated with logistics across maritime businesses. The platform will connect the maritime cargo industry, which accounts for 90% of trade across the world, networking cargo owners, customs agencies, vessel operators, ports, and logistics companies.
Ant Group is heavily invested in the blockchain field, providing different industry sectors with decentralized technology solutions. At the tail end of 2019, Ant Financial announced it had processed over $6 billion in medical bills on blockchain in a year since its partnerships with big pharma companies, including Bayer.
The entry into the shipping industry will see the blockchain platform compete with IBM and Maersk's blockchain platform named TradeLens. The blockchain-based maritime logistics platform has seen exceptional growth over the years since launch in 2018, adding top shipping ports including Oman’s top port and India’s top private port operator, Adani Ports and Special Economic Zone Limited (APSEZ).