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Crypto investors might recognize blockchain as the technology behind digital currencies such as Bitcoin (BTC) and Ether (ETH). However, businesses from other industries are already aware of blockchain’s potential in streamlining their processes are now taking steps to incorporate the technology into their systems.
For instance, Korea-China JV Yantai Ferry is set to adopt a blockchain-based LS Issuance platform. The firm is an affiliated shipping company of Croad International that links the West coast main gate of Pyongtaek in Korea and the Central industrial city of Yantai in China.
Yantai Ferry is integrating the technology into its exclusive system for consolidated logistics platform with the implementation of a blockchain-based LC Issuance system. The benefits of such a platform to shipping firms such as Yantai include a significant level of cost reduction, simplified resolution of previously complicated procedures, and the enhanced credibility for trade transactions occurring in central industrial cities in China with all available sea transport routes.
The LC Issuance platform will run on the Sea Road Chain technology, which is an in-house blockchain network and consolidation of diverse services. Once operational, it will enable massive change by replacing conventional services to advanced blockchain-based logistic finance for Korea-China trade for LC, Settlement/payment system.
“Due to the adoption of blockchain technology, settlement of trade transactions with countries with underdeveloped Fintech solution becomes easier and will enable to prohibit the transaction of illegal products such as drugs, artilleries, and counterfeit items,” Yantai Ferry CEO B.J. Kwak said. “We will be formulating alliance of Korea-China ferry and shipping companies thereby expanding the scale of business scope among the participants.”
The blockchain-based LC Issuance platform is versatile and can be used in other markets as well. “Furthermore, not just limited to China, we will further expand to invite global air cargos, airlines, shipping companies, logistics companies, freight forwarders, ship owners, finance companies to participate in the platform and set the global standard,” he added.
The Yantai Ferry CEO said that the company’s innovative blockchain-based system is set to gain the attention of other industry players. “Conversion of existing conventional logistics finance market into blockchain-based LC issuance platform will be attracting the attention of the market on how the outcomes of the innovative logistics finance platform will turn out to be,” he said.
Fifteen other ferry companies are set to follow JV Yantai Ferry’s lead and will soon be adopting the blockchain-based LC Issuance platform.
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