Blockchain Technology being used in Spain in planning to build a Smart Port in the City of Valencia

Blockchain Technology in the recent period being used vastly in the different modes of Infrastructure developments & implementation. Recently the beautiful country Spain has added its name into the Blockchain Environment with the Planning of developing one of its City into Smart Port.

Spain’s city Valencia is planning to build a smart port based on blockchain technology, announced by the country in the Smart Ports & Supply Chain Technologies Conference held at the Dutch Port of Rotterdam on 3 October 2018.

Valencia is the world’s 2nd Largest port in the Mediterranean’s citing the best opportunity for the Blockchain Technology Implementation. Citing this space of opportunity, the head of the New Technologies at the port of Valencia & the great aspirer decided in the adoption of the new technologies, Jose Garcia de la Guia, understood the benefits & the massive advantage of the Blockchain Technology & decided to use it and implement the Blockchain in the Valencia port. Jose stated in a statement that:

“Starting from Valencia, we offer to use blockchain as a strategic option to provide transparency of logistic chain, from end to end, going further than our port itself. That means we’re planning to apply cloud technologies not only with our partners from Port Community Systems but also with all others.”

He went ahead in his statements describing this small port as the “port without papers” giving the port a smart blockchain environment eliminating the need of papered documents in the supply chain tracking, increasing the trust & efficiency rate along with the waste reducing aspect, cost maintenance & time development.

In the coming months ahead there is a huge scope open for the shipping industry to adapt to the Blockchain Technology to improve its services & the quality of operations. The main jink of improvement lies in the interoperability of shipping logistics with the fruitful use & implementation of Blockchain environment. This will negate all the manual entry of data & giving the huge efficiency of work across the 21 port network handled by UK operators who are exploring the Blockchain solutions to create a uniform system operability.

To support the above development the largest shipping port of Europe has launched its own blockchain lab to create a cutting-edge environment providing the real-time shipping data over an interoperable blockchain among other blockchain solutions.

This blockchain usage is not only limited to the European & other sectors of the world, but also recently Singapore’s Largest Shipping Company has tied up with IBM to digitalize some of their documents like Bill OF Lading, or e-BL, to trade & store securely on Blockchain sequence. They are using a number of functions from providing ownership of goods, receipt of shipment and contract of carriage to other trade financing functions. According to the recent survey, the shipping industry in the coming future can generate a revenue of $1.1 Trillion through the adoption of Blockchain Technology.

Now Spain’s Valencia has added its name into this Shipping industry making it a strong family of Shipping giant ports making it a smart move to give the country a special Blockchain Hub & Country always favoring new tech for adoption & usage.

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