according to the materials of the site - By Coincu
On June 27, Shanghai announced plans to optimize cross-border trade by 2025, improving logistics and implementing blockchain in its port. The initiative is led by the Shanghai Municipal Commerce Commission and local authorities.
The focus is on trade efficiency and the implementation of blockchain, which potentially attracts investment and improves the global positioning of the Shanghai port.
The Shanghai blockchain initiative enhances the efficiency of global trade.
The 2025 Shanghai initiative aims to optimize international trade by streamlining logistics networks using blockchain technology at the port. This effort is spearheaded by several agencies, including the Shanghai Municipal Commerce Commission and Shanghai Customs. Planned infrastructure improvements will help simplify trade procedures and align with international practices. Measures include optimizing transportation systems and reforms in electronic documentation.
Immediate effects include increased logistics efficiency, reduced costs, and faster port turnover. The use of blockchain is intended to enhance data security, providing more reliable trade documentation and multimodal transport systems. These enhancements aim to position the Shanghai port as a global leader in trade and may influence similar national reforms.
"Recently, special measures of Shanghai Customs to facilitate cross-border trade by 2025 were published. The document proposes 33 initiatives in five key areas, namely: further ensuring seamless clearance of key goods, enhancing the quality and efficiency of cross-border logistics, optimizing regulatory procedures for better alignment with evolving business models, strengthening ties between customs, local authorities, and businesses, and providing more targeted services for enterprises." — Representative of Shanghai Customs, official statement
Shanghai utilizes blockchain for advanced trading solutions.
Did you know? Shanghai's measures for cross-border trade are based on the previous success of its free trade zone, reducing the turnover of international transportation by 50% — a precedent for efficiency using blockchain.
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Coincu analysis suggests that the promotion of blockchain in Shanghai may stimulate demand for technologies in the trade sector. Such developments enhance trust in supply chain processes and may set benchmarks for similar initiatives worldwide.
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