Rooted in the real estate development and port logistics of China’s famous waterway, Yangtze River Port and Logistics Limited, a Wuhan, China-based international infrastructure company, announced Monday that it has plans for a spin-off blockchain logistics subsidiary. The planned subsidiary is to help facilitate blockchain solution initiatives and ways to optimize the company’s place in the shipping and logistics industry, said the company in a press release.
The company believes that blockchains can aid the industry by managing and tracking documentation of shipping containers, the statement says. The digitized supply chain process can lead to more transparency and greater security among trading partners.
The new subsidiary has already been accepted into the Blockchain in Transport Alliance, a United States alliance established to create a forum for the promotion, education, encouragement, development and adoption of blockchain applications in the trucking, transportation and logistics industry, according to the press release.
It’s expected that the new spin-off, Yangtze River Blockchain Logistics Limited, will provide domestic and foreign businesses access to the Free Trade Zone in Wuhan, the most populous city in Central China, the company stated.
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