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The China Shipbuilding Industry Company Limited (CSICL) will explore how it can apply the blockchain to financing its upstream suppliers, the official People's Daily newspaper announced on March 27. CSICL is a subsidiary of one of China's two largest shipping conglomerates, China Shipbuilding Industry Corporation (CSIC).
CSICL has signed a strategic cooperation agreement on supply chain services with Shanghai Bank. Under the terms of the agreement, CSICL and Shanghai Bank allegedly would develop a blockchain-based online supply chain financing platform for upstream providers of CSIC.
The platform would apparently provide funding for supply chains serving the 10 main sectors of the business: marine engineering, storage batteries, shipbuilding, turbochargers, tobacco machines, diesel engines, large steel structures, port machinery , gas meters and automated dispensing systems.
According to the People's Daily, the recent agreement is part of Shanghai Bank's plan to improve business processes by using new technologies. Last October, Shanghai Bank reportedly launched its Uplink, an online financial services platform for small and medium-sized businesses.
Blockchain technology has been widely applied in the shipping industry and in various supply chains. In January, the largest Israeli freight forwarding company, Zim, opened a blockchain platform for electronic bills of lading to all customers in certain trades.
In February, the Russian maritime logistics company Infotech Baltika will develop a blockchain-based port operating system called Edge.Port, in partnership with Moscow-based Blockchain, Iconic.
Earlier in March, the Singapore government announced that it would launch a pilot project for its blockchain-based trade platform, TradeTrust. The pilot project follows a memorandum of understanding signed in January by the Singapore Infocomm Media Development Authority, the Maritime Ports Authority, Singapore Customs and the Singapore Shipping Association.
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