10 May 19

Blockchain to become crucial factor for port management

Tag Cloud

Maritime transport plays a transcendental role in the global world. Currently, about 80% of world trade is channeled through this means of transport, a figure that highlights the importance of the logistics chain and the work carried out in the port areas to boost the competitiveness of their territories.

In this context, Valencia port is a fundamental hub of international logistic connections at the service of companies. The first port in the Mediterranean in container traffic.

A platform connected with some 1,000 ports around the world through which transits 36% of the trade of imports and exports of the Spanish economy.

Blockchain To Become Crucial Factor For Port Management

The immediate future of logistics will be conditioned by many aspects: on the one hand, regulatory changes and port governance, and second, the connectivity of the ports of Spain as a basis to establish a logistics platform for southern Europe.

The technological transformation that the industry sector, logistics, transport and ports generate will provide new forms of communication and business opportunities. In this context, the Blockchain technology is called to play a fundamental role in the logistics sector, allowing the safe and distributed management of transactions.

This new technology allows creating much more efficient registries or databases and eliminating intermediaries in sectors where businesses need to share information and transactions in a secure manner.

The Ports Commission of Spain’s Chamber of Commerce, one of the most important forums that integrate all the players in the logistics chain, decided to organise a symposium on the impact of Blockchain in the logistics sector. The experts compared the new technology with milestones such as the integration of computers in domestic use or the development of the Internet, that is, a system that will change our way of understanding business in the era of digitalisation.

We have the responsibility of incorporating this technology into the logistics sector, since it adapts perfectly to the supply chain and to the business needs of international trade, currently focused on transparency and security, automation, the possibility of auditing data on the part of third parties and scalable solutions. All this without forgetting the need to connect the maritime facades of Spain, its ports, with the hubs and logistics platforms of the interior, promoting connectivity and intermodality, transparency in the ports, competitiveness and a new governance.

Author: José Vicente Morata (President of Valencia Chamber of Commerce)

Source: Portseurope

Categories