Yuanben, a Chinese blockchain start-up, has signed a partnership with Maritime Silk Road Platform to offer blockchain services to global maritime freight. The partnership agreement, titled “Blockchain Technical Service Cooperation Agreement,” is intended to look into the safety of sea-going cargo transportation in an efficient way.

Multiple Positive Effects of Yuanben–Maritime Silk Road Platform Partnership

According to the agreement done between Chinese blockchain start-up Yuanben and China’s Zhuozhi Logistics Group controlled Maritime Silk Road Platform, the utilization of blockchain technology will help in providing node development, certificates for digital content deposits, and the ability to track cargo via a search interface, as mentioned in their press release.

This is a vital step taken by both companies in the implementation of innovative technology in the “shipping” universe. The partnership between Yuanben and Maritime Silk Road Platform is an example of blending a traditional information management system and blockchain. The press release revealed that the global freight of Silk Road would be protected by Yuanben’s blockchain technology. Head of Maritime Silk Road Platform Dr. Cai Kunying said:

“This cooperation is a successful example of the combination of emerging blockchain technology and traditional information management system technology. Yuanben blockchain technology will protect the global freight of the Silk Road.”

On the other hand, Fan Xi, head of the blockchain initiative at Yuanben, opined:

“As a pioneer in the field of blockchain technology, which is highly valued by the Ministry of Industry and Information Technology and the 13th Five-Year Plan, the Yuanben blockchain will also carry out extensive and cross-border cooperation in various fields in the future.”

He added that the merging of the management system technologies of both companies will help in promoting a more secure, transparent and efficient development of the supply chain industry and also in expediting the upgrading of the global trade system.

Aside from this specific development, the partners will explore further projects in the future, with the logistics market being the starting point. According to the press release, cooperation between the two companies will help the business of Maritime Silk Road Platform to grow globally.

China’s Rapid Progress in Blockchain Technology

A report released by Atimes.com claims that Chinese companies submitted around 550 patent applications on blockchain technology across the globe in the last 10 years (between 2008 and 2017). The figure confirms that China has outshined nations like South Korea and the United States. Hence, it has all the potential to become a global blockchain leader.

Recently, Chinese online retailer JD.com unveiled a new blockchain platform in a way to compete with Amazon Web Services. On the other hand, Chinese e-commerce giant Alibaba and the People’s Bank of China also hold 43 and 68 patents on blockchain development, respectively. But the experts believe that China’s disinterest in cryptocurrency could stifle this fast development in blockchain technology.

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