Through the terms of their agreement, partners will collaborate to enhance and promote blockchain developments in various shipping fields, focusing on linking cargo owners, vessel operators, ports and logistics companies through digital platforms that use blockchain technology.

In light of the situation, Eric Jing, Executive Chairman of Ant Group said:

Through Ant Group’s blockchain technology, we look forward to supporting the digital transformation of the global shipping industry, and working with COSCO SHIPPING to make it easier and more efficient to trade globally.

For the records this is not the first time that Ant and Alibaba approach the shipping community, as they recently inked a similar agreement with China Merchants Port group.

Concluding, Alibaba also entered the International Port Community Systems Association’s (IPCSA) so as to boost blockchain application in logistics and e-commerce.