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Chinese Shipping Giant CSICL announces Blockchain Pilot for financing Upstream Suppliers

China Shipbuilding Industry Company Limited (CSICL) recently announced its plan to explore distributed ledger technology, in order to finance upsteam suppliers. The news came through China’s leading national daily, People’s Daily. 

CSICL has also signed a cooperatio agreement on supply chain services with Shanghai Bank for the same.The synergy will be responsible for development of blockchain-based online supply chain finance platform for upstream suppliers of CSIC.

Per People Daily’s report, The platform would provide financing for supply chains which will cater to firm’s 10 major product sections, these include -

Marine engineering
Storage batteries
Diesel engines
Large steel structure fabrications
Port machinery
Gas meters
Automation distribution systems.

In October 2018,  Shanghai Bank launched its Uplink e-Chain an online supply chain financial service platform to fulfill the needs of small and medium enterprises.

Blockchain’s Impact on the Shipping Industry

Blockchain technology has made its mark across the  shipping industry and in various supply chains. In January, Israel’s largest cargo shipping company, Zim,  built an electronic billing blockchain platform for clients in selected trades. 

Earlier in March, the Singapore government also announced its blockchain-based maritime trade platform TradeTrust. The pilot follows a January Memorandum of Understanding signed by Singapore’s Infocomm Media Development Authority, Maritime Port Authority, Singapore Customs and the Singapore Shipping Association.

Also, in February Russian shipping logistics company Infotech Baltika announced development of a blockchain-based port operation system dubbed Edge.Port in partnership with Moscow-based blockchain startup Iconic.

Marseille Fos Port announces Blockchain Pilot

On March 6th Marseille Fos Port, the main trade seaport of France announced its plan to participate in blockchain pilot for freight logistics in June 2019, The project will reportedly tap distributed ledger technology for intermodal freight forwarding and supply chain logistics.

Per the report, the initiative has been backed by the Interministerial Delegation for logistics of MeRS and development of the port. Furthermore, the project draws heavy support from Caisse des Depots, a French public sector financial institution, Voies navigables de France, navigation authority  and electricity generation firm the Compagnie National Rhone.

The pilot has been built and developed by three blockchain and logistics firms, which are, Marseille Gyptis International, BuyCo and KeeeX. Marseille Fos Port, or Grand Port Maritime de Marseille, is the second largest Mediterranean port and the fourth largest port in Europe.

The pilot will test on blockchain’s capability for efficient data management on digital transport chain. Also, the pilot will bring in enhanced security for data sharing between two parties involved in logistics trade.

Image Credit: Pixabay