The 2016 Fintech Global Summit has given rise to the founding of the ‘Blockchain Application Sub-Committee’, initiated of the China Federation of Logistics & Purchasing. It has been learned that the Sub-Committee was initiated by a blockchain start-up Shenzhen Digital Singularity Ltd, logistics companies and financial institutions. The Sub-Committee will be focusing on the promotion of blockchain technology in logistics by introducing blockchain technology and business training, R&D standards of blockchain for logistics, and blockchain-based company credit mechanism alongside the total upgrading and re-direction of the logistics supply-chain industry.
Liu Yang, CEO of Shenzhen Digital Singulariy Ltd, commented on the high accountability, anti-counterfeiting ability and immutability provided by blockchain and how, in the financial sector, the application of the technology is witnessing a mandatory trend. Yang noted that problems like the loss and mistakes of cargo delivery require powerful tracing ability and that blockchain technology can perform well for logistics to combat such weaknesses in the system.