Yahoo Finance Global Shipping Giant Cosco to Trial Alibaba’s Ant Blockchain
One of the world’s largest freight carriers wants to use an enterprise blockchain from the Alibaba Group to cut costs.
Shanghai-based Cosco Shipping confirmed earlier this week it would trial Ant Blockchain, a product of Alibaba subsidiary Ant Financial, to streamline its operations.
Cosco Shipping runs a fleet of 1,330 vessels with a combined cargo-carrying capacity of just under 106 million tons, one of the largest in the world.
In a statement Monday, the companies said blockchain could be used to distribute verified and tamper-proof key documentation, such as container records and import licenses, to relevant parties.
Ant Group’s executive chairman, Eric Jing, said Ant blockchain – which can reportedly process up to a billion transactions daily – can make global shipping more efficient.
Earlier this year, electric car manufacturer Tesla said it was testing blockchain with Shanghai’s port authority to see whether it made importing goods any easier.
In May, both Ant and Alibaba began trialing blockchain with the port operator China Merchants.
Also read: TradeLens to Digitize India’s Largest Private Port Operator
