Tianjin Port Launches Trials of Blockchain Verification Technology
The port of Tianjin has launched a trial scheme for the use of blockchain technology for verification purposes.
State-owned media reports that the Tianjin Port Blockchain Verification Trial Project (天津口岸区块链验证试点项目) commenced official operation on 17 April, marking the “in-depth integration of blockchain technology with the transactions, financing, logistics and regulatory stages of cross-border trade,” and the “initial establishment of a blockchain cross-border trade ecosystem.”
The initiative will see trials involving both air transportation and sea transportation at Tianjin Port, with the goal of using blockchain technology to “establish a convenient, high-efficiency, traceable trade environment.”
Shanghai-based fintech company One Connect is responsible for implementation of the project.
Ye Wangchun (叶望春), chair of One Connect, said that a blockchain-driven cross-border trade services network will break down the traditional “barrier” of information asymmetries; help to establish a corporate credit system, as well as raise the operating expansion capability of small and medium-sized enterprises.
Ye also sees the initiative improving the convenience of trade, helping small and medium-sized enterprises to increase their efficiency and accelerate their turnover; raising the risk control capability of financial institutions, as well as driving long-term effective measures to support the provision of credit to small and medium-sized enterprises.