COSCO to develop blockchain solutions with Alibaba group

China COSCO Shipping Corporation has signed a collaboration agreement with compatriot e-commerce giant Alibaba and the latter’s fintech affiliate, Ant Financial Services Group (formerly Alipay), pledging to work together to develop blockchain shipping logistics solutions.

Ant is known for its e-wallet solution Alipay, which is widely used in retail outlets globally.

Under the agreement, China COSCO and Ant will jointly research and promote blockchain shipping logistics solutions in China, using blockchain techniques as a strategic connection between shipping, ports, logistics and finance.

China COSCO and Ant will also strengthen their cooperation in the areas of smart shipping, smart ports and supply chain financing, in order to promote the digitisation of shipping operations.

Ant chairman Jing Xiandong said that he looks forward to the integration of logistics and technology, noting that digitisation is accelerating in many societies. Blockchain technology can therefore become a key infrastructure in the digitisation of assets.

China COSCO chairman Xu Lirong said that as the world’s largest integrated shipping enterprise group, his corporation is committed to building a large integrated logistics supply chain service platform, while actively grasping digitisation, using data technology, blockchain, super-computing and other new technologies.

He said, “Integrating logistics with digital technology improves the safety and efficiency of services and provides reliable digital services to our customers.

“I hope that with the help of blockchain, Internet of Things, 5G and other technologies, China COSCO will continue to deepen cooperation with all parties and promote the seamless integration of cargo, capital and information in the supply chain.”

Source: Container News