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.