The Russian shipping logistic company Infotech Baltika is what we are reading in today’s blockchain news because of their blockchain-based system development that they will use for their operating ports according to the Russian maritime media outlet Morvesti reports.
The company has partnered with a blockchain-based startup that is really popular in Moscow-Edge.port. With the help of the blockchain technology, the participants in the port to store all of the needed documentation on the blockchain. Everything from vessel parking and tug boat rentals can be tracked via the system without the boring paperwork.
Infotech Baltika says that the blockchain startup Edge.Port will help the company reduce the time spent on documentation from four hours to 25 minutes. Moreover, the blockchain can save a lot of time while the ship is being unloaded and the port capacity could increase up to 5 percent. The time spent of documenting and filing can also be doubled down.
The shipping logistics company claims to operate in 14 ports around Russia and in a few European countries including Cyprus and Italy. There are over 3,000 ships each year in operation and last year the company was named the best cargo shipping company in St. Petersburg and is valued at over 100 billion rubles.
The blockchain technology is being used in a variety of areas around the world. For example, the largest cargo shipping company in Israel also opened its first blockchain platform after the successful pilot. Also, IBM and Maersk launched a blockchain-enabled shipping solution with more than 150 million shipping events done after the launch.
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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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