OneConnect Launches Linked Port to Improve Cross-Border Trade Efficiency
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OneConnect Launches Linked Port to Improve Cross-Border Trade Efficiency

November 23, 2020      Vandana Malik

OneConnect Financial Technology, one of the leading Fintech SaaS providers has just launched a “linked port”. It is a Port Logistics and Trade Facilitation Blockchain Platform Project, which is specially launched for Shekou and Shunde ports. 

According to OneConnect, this linked port will help to improve the cross-border trade efficiency for China’s Greater Bay Area. This is one of the largest port zones across the world. It is revealed that the Greater Bay Area will have to integrate its 37 ports to stand strong in the competition.

OneConnect Being Technical Supporter, Created Blockchain Platform

It is revealed that the linked port is a part of the Shenzhen municipal government’s new infrastructure plan. This technology is helping to reduce the time frame of processes related to export and import to just two days. Along with this, the declaration cost of transportation and customs are also decreased by around 30%. 

The linked port project will be using technologies like blockchain, Artificial Intelligence (AI), cloud computing and big data. OneConnect being the technical supporter is going to develop a blockchain platform and core port logistics data standards. These technologies will help the traders to easily connect with the customs officials. They will also be able to ensure the authenticity of trade transactions through the blockchain platform provided by OneConnect. 

Traceable and Unchangeable Logistics Data

Smart trade solutions are going to give major benefits to trading enterprises as well. Through this, there will be a quick and convenient customs clearance along with providing a traceable trading environment. OneConnect is responsible to ensure that the logistics data should be completely traceable that cannot be changed by anyone. Here’s the reason why blockchain technology is used in the project as the data remains highly encrypted and cannot be tampered at any cost. OneConnect’s blockchain platform will also be capable enough to issue real-time warnings when the customs department is managing sensitive data. 

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#Cross-Border Trade Efficiency #Greater Bay Area #Linked Port #OneConnect #OneConnect’s blockchain platform
Vandana Malik
Vandana Malik

Vandana has received Master of Arts degree in English from GEU Dehradun. She is currently working as a content writer with Agio Support Solutions and earlier worked as a sub-news editor at Business News and Information Services Private Limited. She is an enthusiastic content writer and aims to bring a compelling yet informative content to the audience. Meanwhile, enhancing her own knowledge in the cryptocurrency and blockchain industry.