Ideanomics and Asia-Pacific Model Electronic Port Network (APMEN) to Streamline Blockchain Supply Chains
US Based Ideanomics Partners With APMEN Trade Tech Co. To Streamline Supply Chains With Blockchain
U.S.-based technology company Ideanomics has joined hands with APMEN Trade Tech to streamline ports in the Asia Pacific by using blockchain and super artificial intelligence for Asia-Pacific Economic Cooperation’s (APEC) online port clearance system, Asia-Pacific Model Electronic Port Network (APMEN).
Ideanomics will hold a bulk interest of 60% in the Joint Venture (JV), which will develop and install Ideanomics-recommended supply chain finance blockchain to bring banks and financial institutions as lenders and customers under one umbrella.
“We are excited to deliver a never seen before intelligent supply chain management platform driven by blockchain and super artificial intelligence technology,” stated Bruno Wu, Chairman, and co-CEO of Ideanomics.
The progress marks the continuation of a growing trend in the blockchain sector, with a raft of major corporations aiming to disrupt legacy supply chain infrastructure with the technology’s introduction.
The first instigation of the tools will take place in two major Chinese ports, Shanghai and Guangzhou, the former holding the title of the world’s busiest port in 2017. In 2017, the Port of Shanghai handled 40 million twenty-foot equivalents (TEU) of cargo, while the total value of import and export managed by the ports of Shanghai and Guangdong ports was assessed to be approximately $1.532tn.
The Joint Venture also aims to employ blockchain to extend connectivity beyond from port to port, and custom to custom to include the final buyers and sellers. Additionally, it plans to establish and increase asset-backed securitization from the operation by securing high yield assets.
“The full implementation of connecting e-ports across the region using the Ideanomics supply chain finance blockchain will save more than just trading costs and time,” remarked Dr. Liu Yadong, APEC Model E Port Network’s Chairman.