Chinese Blockchain Company Yuanben will Protect the Safety of Global Maritime Freight Data

SHANGHAI, Aug. 19, 2018 /PRNewswire/ -- Recently, Yuanben and Maritime Silk Road Platform co-signed the "Blockchain Technical Service Cooperation Agreement", to provide blockchain services for global maritime freight, thus ensuring the safety of sea-going cargo transportation in a reliable and efficient way. Maritime Silk Road Platform is subordinate to Zhuozhi Logistics Group.

According to the agreement, blockchain technology will be used to provide node deployment, digital content deposit certificates, and a search interface for cargo tracking.

The automatic identification system (AIS) is the current universally accepted standard of uniquely tracking a vessel's position, enabling land-based companies to access the tracked course, speed and current bearing of their fleet. AIS tranceivers, now fitted to almost all commercial vessels and many larger privately-owned yachts, also act as a secondary to radar, assisting with maritime collision regulations (COLREGs).

Dr. Cai Kunying, head of the Maritime Silk Road Platform, said: "This cooperation is a successful example of the combination of emerging blockchain technology and traditional information management system technology. Yuanben blockchain technology will protect the global freight of the Silk Road."

Fan Xi, head of the blockchain initiative at Yuanben, said: "The support for the blockchain technology for the offshore silk road is a new expansion and innovation in the application of blockchain. This exemplifies cooperation between emerging blockchain technology and traditional information systems. This successful example of a combination of management system technologies will promote a more efficient, transparent and secure development of the supply chain industry and accelerate the upgrade of global trade."

The Maritime Silk Road is an Internet public booking platform that provides global routes. It has gathered a number of first-class agent resources and established global logistics networks in Hong Kong, Guangzhou, Shenzhen, Shanghai, Ningbo, Nanjing, Xiamen, Qingdao and Tianjin. There are also supplementary offline service branches.

The Yuanben blockchain is a distributed underlying data network. Its core technology relies on Decentralized Trusted Content Protocol (DTCP) to provide fast, efficient and comprehensive closed-loop solutions for trustworthy, traceable security. The Yuanben blockchain was also the first company in China to use blockchain technology for copyright protection.

By building nodes around the world, the Yuanben project has become a highly scalable chain of trusted alliances. The use of smart contracts and encrypted algorithms enables sustainable interaction of data within the chain, including the security of data transmission. Uniquely, Yuanben chain and the "Yuanben DNA" interlock mechanism ensure that the data on the chain is 100% irreversible. The Yuanben lightning DNA algorithm can be expanded to support millions of TPS. The Yuanben chain can improve the block write time accuracy to the millisecond level by optimizing the upgrade consensus mechanism.

In international freight transportation, due to the long cycle and opaque logistics information, goods are difficult to track, which invisibly increases the logistics management cost and increases the risk of cargo loss. Through the Yuanben DNA labeling technology, the sea silk road can add a unique digital identity to each batch of goods and its logistics trajectory, making freight management safer and more efficient, utilizing the irreparable modification and traceability of blockchain technology. In the process, the logistics information is fed back in real time, and the cargo transportation process is followed up rapidly, to ensure that the goods arrive at the destination accurately and safely.

It is reported that the Yuanben and the Maritime Silk Road Platform will explore many more cooperation methods in the future, taking the logistics industry as the entry point, and the blockchain technology will truly serve the physical supply chain. It will help expand the business of Maritime Silk Road Platform on a global scale and escort the international logistics services of Maritime Silk Road Platform. The Maritime Silk Road Platform will help the technology of the Yuanben blockchain to land and promote the effective connection between blockchain technology and traditionally recognised economies.

At present, Yuanben also cooperates with authoritative media organizations, such as Petal Net, Fotor and other large original image content platforms, Beijing Business Daily and Daily Economic News. In addition, the Yuanben blockchain also provides a series of blockchain services for various government agencies and copyright agencies.

"As a pioneer in the field of blockchain technology, which is highly valued by the Ministry of Industry and Information Technology and the 13th Five-Year Plan, the Yuanben blockchain will also carry out extensive and cross-border cooperation in various fields in the future," Fan Xi said.

Participating in the "Internet +" strategy and the "One Belt, One Road Initiative", Yuanben hopes to help more Chinese enterprises to go global.

SOURCE Yuanben