The biggest port operator in the UK, Associated British Ports (ABP), is in the blockchain news lately for its efforts to tap blockchain and explore a new technology application that will be aimed at improving connectivity at the 21 ports that it runs.
The application is actually part of a Memorandum of Understanding that ABP is signing with a freight forwarder named Marine Transport International, aied at improving the connectivity at all of the (21) ports that it runs.
The blockchain solution would be developed by MTI, helping ease one of the biggest headaches in the sector of logistics – which is the lack of system interoperability. As such, the solution is also expected to enhance efficiency as there will be no time waster on manually re-entering the data.
Right now, ABP handles a quarter of the seaborne trade in the UK and handles around 100 million tons of cargo on a yearly basis. As the founder and chief executive officer of MTI, Jody Cleworth recently stated:
“The logistics industry is awash with proprietary technology that forces users to work in a certain way – with blockchain, we can connect all those systems to ensure data is accurately and quickly shared, helping speed-up and simplify the flow of trade in and out of the UK,”
Even though it seems like a revolutionary one, this is not the first time MTI is trialing a blockchain technology. Last year, the freight forwarder completed a pilot program that was aimed at automating and digitizing the entire supply chain process from the shipper to the hauler as well as from the port operators to carriers on a distributed ledger.
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“Through Ripple’s xRapid product, we will have the ability to instantly settle funds from U.S. dollars to destination currencies on a 24/7 basis, which has the potential to revolutionize our operations and dramatically streamline our global liquidity management.”As the website shows, MoneyGram is the second largest payments firm in the world. The coming altcoin news and its partnership with Ripple will also help the blockchain firm to gain presence in more than 200 countries (where MoneyGram actively operates). Much of the company's business lies in the remittances market, which value is estimated at around $600 billion. The CEO of Ripple, Brad Garlinghouse, also shared his excitement about the new Ripple and MoneyGram partnership, stating:
“This strategic partnership will enable MoneyGram to greatly improve its operations and enable millions of people around the world to benefit from its improved efficiency. This is a huge milestone in helping to transform cross-border payments and I look forward to a long-term, very strategic partnership between our companies."Payment processing and sending money globally through the blockchain are definitely something that can be improved with this new partnership. By joining Ripple's growing and global network, financial institutions can process their customers' payments anywhere in the world instantly, reliably as well as cost-effectively.
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“Participants reflected on the legitimate use of blockchain technologies, including the use of cryptocurrencies for trading and investment activities, payment method and as a store of value.”As noted in the coming altcoin news, blockchain technology spiked the interest in business leaders and governments around the world. There will be a part of every business in the future consisted of blockchain since already some major companies such as Amazon, Google and Microsoft are all into the technology.
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