One of the worldâs 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 affiliate Ant Group, 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 â which can reportedly process up to a billion transactions daily â 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 Indiaâs Largest Private Port Operator
EDIT (July 9, 14:10): A previous version of this article called Ant Group by its former name Ant Financial and described it as a subsidiary. This has now been corrected.
