American technology company Ideanomics will partner with Asia-Pacific Model Electronic Port Network (APMEN) Trade Tech Co. to optimize the supply chain with blockchain technology.
Together with APMEN Trade Tech Co. Ideanomics is aimed at using blockchain and what it calls "super-artificial intelligence" in order to "cut out middlemen" when processing cargo delivery.
The first use of tools will take place in two major Chinese ports – Shanghai and Guangzhou, the first of which is the world's busiest port in 2017.
This step marks a continuation of the growing trend in the supply chain sector, with a number of large corporations whose goal is to destroy the outdated infrastructure by implementing Blockchain technology.
Speaking about the partnership between Ideanomics and APMEN Tech Trade, Bruno Wu, chairman and CEO of Ideanomics, said:
"We will integrate business data from various partners, creating a risk management model for regulators and enterprises."
Speaking at the World Economic Forum in China last week, Tradeshift's CEO Christian Lang started talking about the fact that Blockchain technology is not a "highly effective" solution to meet such goals on a scale.
Author: Olga Novikova, analyst of Freedman Club Crypto News
Image from Fotolia
