Xu Lirong, Chairman of COSCO Shipping: How to combine blockchain and other technologies with the shipping industry is both a challenge and an opportunity.

According to the First Financial News, on July 11, at the "2019 China Nautical Day Forum" main forum, Xu Lirong, chairman of China Ocean Shipping Group Co., Ltd. said, "The current new technologies are constantly emerging, big data, cloud computing. Blockchain, driverless, artificial intelligence, etc. How to combine these new technologies with the ancient shipping industry and innovate business models is both a new challenge and a rare opportunity for innovation.” Forum, Singapore Maritime and Port Authority Director Ke Lifen introduced that Taiping Shipping, which operates in Singapore, has successfully piloted a blockchain-based electronic bill of lading system. The administrative procedures for the transfer of sales certificates have been significantly reduced, from the previous 7 days to as little as 1 second.