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Chinese ports supported by Blockchain technology

  • Will launch phase one operations in two of the biggest ports: Shanghai and Guangdong (including seven container terminals), which account for nearly half of China's import and export then expands into other APEC countries' ports.
  • The total value of import and export goods of Shanghai and Guangdong ports combined is 10.5 Trillion yuan ($1.532 trillion), up 13% (a year-on-year increase)
  • Enhance the electronic ports (e-ports) system with AI and blockchain solutions to extend its existing service from port to port, and warehouse to warehouse.
  • The full implementation of connecting e-ports across the region can save up to half of supply financing cost which is currently 16% -25% in China.
  • Ideanomics owns a 60% majority stake in the Joint Venture.
  • The joint venture will plan to list on a Chinese stock exchange within 2018.

Ideanomics ("Ideanomics" or the "Company"), a leading global fintech and asset digitization services company focused on digital asset production and distribution, is pleased to announce that it has entered into joint venture with APMEN Trade Tech Co Ltd. to establish a leading enterprise focusing on digital supply chain services using blockchain and super artificial intelligence for the Asia-Pacific Model Electronic Port Network (APMEN) APEC's online port clearance system.

"We are excited to deliver a never seen before intelligent supply chain management platform driven by blockchain and super artificial intelligence technology. We will integrate business data from various partners, establishing a risk control model in cooperation with a single window to provide risk control services for regulatory authorities and enterprises," said Bruno Wu, Chairman and Co-CEO of Ideanomics.

APEC Model E-port Network (APMEN), APEC's online port clearance system was established in 2014 to promote the development of model e-port in APEC countries economies and enhance connectivity among cargo hubs in the Asia-Pacific. It has 16 port members including New South Wales in Australia and Vancouver in Canada. APMEN aims to establish the information sharing network and cooperation platform among member ports, to catalyze the international interoperability of Single Window Systems, and to enhance data transparency and interconnectivity of supply chain in the Asia-Pacific region.

Read more on PR Newswire.

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