“Linked port” project to commence in China’s Greater Bay Area

In a pilot trial 200TEU were imported and exported between the Shekou and Shunde ports and the new technology reduced import and export-related logistics processes from five to seven days to just two days. In addition, transportation and customs declaration costs for enterprises also fell by 30%.

OneConnect Financial Technology Co., Ltd. and China Merchants Group have recently launched the Guangdong-Hong Kong-Macao Greater Bay Area Port Logistics and Trade Facilitation Blockchain Platform Project for the ports of Shekou and Shunde.

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The “linked port” technology ecosystem for the two ports is the first step to ultimately improve cross-border trade efficiency across the whole Greater Bay Area, one of the world’s largest port zones, according to an announcement.

With increasing container throughput and cross-border trade, it is vital for the Greater Bay Area to integrate its 37 ports to remain competitive.

The technology project is part of the new infrastructure plan promoted by the Shenzhen municipal government and other governmental departments.

The project focuses on four areas: smart ports, smart regulation, smart trade and smart finance. China Merchants Group’s port in Western Shenzhen will act as a key smart port that allows the sharing of resources through blockchain technology, promoting efficient logistics and creating a digital ecosystem for port shipping in the Greater Bay Area.

In a pilot trial 200TEU were imported and exported between the Shekou and Shunde ports and the new technology reduced import and export-related logistics processes from five to seven days to just two days. In addition, transportation and customs declaration costs for enterprises also fell by 30%.

The linked port project will use advanced technologies, including blockchain, big data, artificial intelligence (AI) and cloud computing, to help create smart ports, and enable smart regulation, smart trade and smart finance processes.

Trading enterprises will also benefit from smart trade solutions for convenient customs clearance, efficient logistics and digital finance, which will create a trust-based, convenient, efficient, and traceable trading environment, according to the announcement.

Source: container-news.com