Shanghai Port to Enhance Trade via Blockchain by 2025

Shanghai announced plans on June 27 to optimize cross-border trade by 2025, enhancing logistics and adopting blockchain at its port. The initiative is led by the Shanghai Municipal Commission of Commerce and local authorities.

Trade efficiency and blockchain adoption are the focus, potentially attracting investment and advancing Shanghai Port’s global positioning.

Shanghai’s Blockchain Initiative Boosts Global Trade Efficiency

Shanghai’s 2025 initiative aims to streamline international trade by optimizing logistics networks with blockchain technology at the port. This action is led by multiple agencies, including the Shanghai Municipal Commission of Commerce and Shanghai Customs. The planned infrastructure enhancements will foster trade facilitation and align with international practices. Measures include optimized transport systems and electronic documentation reforms.

Immediate impacts include heightened logistics efficiency, cost reductions, and faster port turnaround times. The use of blockchain is set to enhance data security, enabling more reliable trade documentation and multimodal transport systems. These enhancements aim to position Shanghai Port as a global trade leader and could influence similar national reforms.

“The Special Action Measures of Shanghai Customs for Advancing Cross-border Trade Facilitation 2025 was released recently. The document proposes 33 initiatives across five key areas, namely, further ensuring smooth clearance for key goods, enhancing the quality and efficiency of cross-border logistics, optimizing regulatory procedures to better align with evolving business models, strengthening connectivity between customs, local authorities, and enterprises, and delivering more targeted services to businesses.” — Shanghai Customs Spokesperson, Official Announcement

Shanghai Leverages Blockchain for Cutting-Edge Trade Solutions

Did you know? Shanghai’s cross-border trade measures build on its free trade zone’s prior success, cutting international shipment turnaround by 50%—a precedent for blockchain-enabled efficiency.

Ethereum (ETH) remains a significant player, with a current price of $2,405.22 and a market capitalization of $290.35 billion. Its 24-hour trading volume reached $14.76 billion, despite a 0.96% price drop. Over the past 60 days, ETH saw a 35.92% increase, according to CoinMarketCap.

Coincu’s analysis suggests Shanghai’s blockchain push could drive tech demand in the trade sector. Such developments enhance trust in supply chain processes and may set benchmarks for similar initiatives globally.