Shenzhen Port’s first foreign trade blockchain cargo release platform was launched recently. The platform was first used by foreign trade enterprise Optima Integration Group, Shenzhen Special Zone Daily reported.
The platform was jointly developed by the city’s transport bureau, Yantian International Container Terminals (YICT), COSCO Shipping Lines Co. Ltd., and the Global Shipping Business Network, in a bid to boost the innovation and development of blockchain technology, as well as the industry.
The platform was formally launched in the Yantian Port area Nov. 3. The average port and shipping paperwork processing time for major imported e-commerce commodities has been reduced from two days to less than four hours, with no human interaction required.
According to Cen Qicheng, managing director of YICT, the platform is the first blockchain-based collaboration project between YICT and COSCO Shipping Lines Co. Ltd.
The “all-weather+one-stop” service allows customers to complete the operation process on the blockchain through the shipping firm and the port side at the same time, resulting in “paperless” import delivery and “zero delay” operations, said Cen.
Dong Yanze, head of the port and shipping management office of the city’s transport bureau, said the platform will help enhance operation efficiency and efficiently reduce personnel gathering and contact during the present epidemic.
Traditionally, a customer would prepare relevant paper cargo collection documentation according to the shipping company’s requirements, go to a business counter and complete the bill of lading procedures.