Specifically, the new signed Memorandum of Understanding (MoU) aims to connect the blockchain technology with port logistics systems, to enhance the efficiency of trade conditions.

Shaun Crawford, EY Global Vice Chair for Industry commented

Combining the knowledge from Insurwave with Zhuhai Port Holdings’ experience in port logistics, we’re pleased to establish a joint initiative for identifying blockchain’s applications in cross-border financial services, logistics and trade.

He continued that the timing of this agreement is ideal, as the company was looking for additional ways to support the Greater Bay Area plan and the Belt and Road initiative.

Concluding, Insurwave consists of EY, Guardtime, Zhuhai Port Holdings, A.P. Møller-Maersk, Microsoft and insurance industry leaders Willis Towers Watson, XL Catlin, MS Amlin and ACORD.