The EY and Guardtime marine insurance blockchain joint venture company Insurwave Limited has announced a new agreement with Zhuhai Port Holdings Group to collaborate on the development of frictionless trade processes across China’s Greater Bay Area, and onward into international supply chains.
The Insurwave marine insurance blockchain platform was first introduced for commercial use in May 2018. This new Memorandum of Understanding (MoU) will look to link that blockchain technology with port logistics systems, to improve efficiency in trade conditions.
“Combining the knowledge from Insurwave with Zhuhai Port Holdings’ experience in port logistics, we’re pleased to establish a joint initiative for identifying blockchain’s applications in cross-border financial services, logistics and trade,” said Shaun Crawford, EY Global Vice Chair for Industry.
“Insurwave was developed a year ago to transform how businesses manage risk across their organisation and how they work with brokers and (re)insurers. Our hope is this is another step in the right direction and will have the same impact on international trade and port logistics.”
“This agreement comes at a great time and we look forward to supporting the Greater Bay Area plan and the Belt and Road initiative.”