The second largest terminal operator in Hong Kong, Modern Terminals, is in the latest news on our DC Forecasts crypto news site – this time for joining the TradeLens project which is a blockchain-enabled technological solution developed by Maersk and IBM.
The TradeLens ecosystem, according to the official crypto press release issued by Modern Terminals – will aim at digitizing and streamlining processes in the global supply chain in order to deliver higher efficiency and lower costs. As such, it includes more than 20 port operators and terminals around the globe, factoring around 234 docks on five continents such as the Port of Valencia, PSA Singapore, Patrick Terminals, Port of Bilbao, PortBase, PortConnect, Port of Philadelphia, port of Halifax and others.
Compared to the traditional supply chain, blockchain will here help to streamline the logistics data from documents in a faster way. As the Managing Director of Modern Terminals told SCMP:
“It does not seem like much, but it is. Without blockchain, you’re going on faith that what’s on the document is what’s in the container.”
In January this year, Maersk’s chief commercial officer also expressed his confidence towards the development of blockchain, stating:
“The potential from offering a neutral, open digital platform for safe and easy ways of exchanging information is huge, and all players across the supply chain stand to benefit.”
Modern Terminals joins the TradeLens group of ports as a Network Member and will evaluate its performance in the real-time. Based on the outcomes, each port would offer its suggestions about whether TradeLens can be improved and scaled further.
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“a) exchange between crypto assets, b) transfer of virtual assets, and c) participation in and provision of financial services related to an issuer’s offer and/or sale of a crypto asset.”Cyprus is one of the seven EU member countries that have already released a declaration that aims to promote the use of DLT in the region. Last fall, the national investment partner in the country, Invest Cyprus, signed a Memorandum of Understanding with VeChain Foundation from Singapore in order to work on multiple national level investment strategies that will be blockchain based.
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“Blockchain technology has established a highly mutual trust data sharing mechanism among tax authorities, invoice service providers, taxpayers and other parties. This is a major reason for the tax authorities to take a new step in deepening the [technological] reform [by] the distribution services.”Back in December 2018, one of the bigger cities in the Guangdong province-Shenzhen announced its success story of how blockchain technology helped with the tax invoices via the messaging app WEChat payment platform. Also, last year in November, the capital of the Guangdong and one of the most developed economic zones in China, Guangzhou, was chosen as a headquarters city for the new blockchain alliance. The alliance involves 54 different companies and is promoting blockchain technology in finances and trading. Countries around the world are opting for blockchain-based tax solutions because of the higher efficiency and transparency.
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