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Yuanben blockchain to bolster Maritime Silk Road

Chinese firm Yuanben reports that it has signed a ‘Blockchain Technical Service Cooperation Agreement’ with the Maritime Silk Road Platform, created by Zhuozhi Logistics Group, that will see the companies work together to provide blockchain services for global maritime freight.

{mprestriction ids="1,2"}The Maritime Silk Road Platform is an online public booking system connecting agents and logistics networks across China. The agreement with Yuanben will see blockchain technology used to provide digital content deposit certificates and a search interface for cargo tracking to more accurately manage trade flows.

“The support for the blockchain technology for the offshore Silk Road is a new expansion and innovation in the application of blockchain. This exemplifies cooperation between emerging blockchain technology and traditional information systems,” said Fan Xi, head of the blockchain initiative at Yuanben.

“This successful example of a combination of management system technologies will promote a more efficient, transparent and secure development of the supply chain industry and accelerate the upgrade of global trade.”

The Yuanben blockchain relies on a Decentralised Trusted Content Protocol (DTCP) and uses smart contracts and encrypted algorithms to allow for secure access to data within the chain. The system’s ‘Yuanben DNA’ interlock mechanism ensures that data on the chain cannot be modified.

The system will be used by the Maritime Silk Road Platform to add a unique digital identity to each batch of goods, alongside its agreed logistics parameters. The logistics information is fed back into the system in real time, to allow for improved management of the cargo transportation process.{/mprestriction}

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