Chinese Blockchain Company Targets Maritime Silk Road

file photo: China's maritime silk road

Published Aug 21, 2018 1:29 AM by The Maritime Executive

Chinese technology company Yuanben and Maritime Silk Road Platform, part of China's Zhuozhi Logistics Group, have signed an agreement to provide blockchain services for global maritime freight.

The Maritime Silk Road is an Internet-based public booking platform that operates globally. It has established global logistics networks in Hong Kong, Guangzhou, Shenzhen, Shanghai, Ningbo, Nanjing, Xiamen, Qingdao and Tianjin. 

The Yuanben blockchain is a distributed underlying data network that relies on Decentralized Trusted Content Protocol (DTCP) to provide fast, efficient and comprehensive closed-loop solutions for trustworthy, traceable security. By building nodes around the world, the Yuanben project has become a scalable chain of trusted alliances, says the company. The use of smart contracts and encrypted algorithms enables sustainable interaction of data within the chain, including the security of data transmission. The Yuanben chain and the "Yuanben DNA" interlock mechanism ensure that the data on the chain is 100 percent irreversible. 

By participating in China's "Internet +" strategy and the "One Belt, One Road Initiative," Yuanben hopes to help more Chinese enterprises to go global.

According to BittPress, Chinese companies submitted 550 patent applications on blockchain technology over the last decade - far surpassing the applications of U.S. and South Korea so far.