Chain of Things Blockchain Transport Conference is supported by Hong Kong Cyberport and Hong Kong Science and Technology Parks

Hong Kong blockchain and IoT startup Chain of Things announced that it will hold a blockchain shipping case study conference during the Hong Kong Maritime Industry Week 2016, and has received support from Hong Kong Cyberport, Hong Kong Science and Technology Parks Corporation and the Transport Association. Conference partners include accounting firm PricewaterhouseCoopers and experts, companies and associations in the transport industry.

Translation: Annie_Xu

Chain of Things is a Hong Kong-based blockchain and IoT startup that will conduct a transport case study on blockchain and is backed by Hong Kong Cyberport and Hong Kong Science and Technology Parks Corporation (HKSTP) and two other transport associations.

The development of the transportation industry is plagued by multiple disadvantages, including cumbersome paper document processes, delayed quality control, high costs of contract dispute arbitration, and widespread document fraud. Although the industry has been slow to adopt electronic document technology, it is still gradually becoming digital and interconnected with the online world. Therefore, it is inevitable to be threatened by cyber attacks.

To this end, during the Hong Kong Maritime Industry Week 2016, Hong Kong blockchain startup Chain of Things Limited will hold a use case research conference on November 24. The purpose is to examine whether the application of blockchain technology can replace traditional paper trade documents and secure electronic filing systems and become an effective alternative to combat cyber attacks.

The project proposes to install sensor equipment on containers or transport ships to collect dynamic data on transportation and transmit data with stakeholders and smart contracts, that is, to create a "smart bill of lading". Because of the automatic execution characteristics of smart contracts, once a breach of contract occurs, the system will automatically return the payment to the buyer; thus ensuring that the problem is discovered and solved as early as possible. Refunds do not require legal procedures, and are more transparent and reliable. Chain of Things emphasized the goals of this meeting:

1. Discover the main problems and inefficiencies in the transportation industry that can be changed by combining blockchain and IoT solutions;

2. Discover and quantify the total risk value that all problems and inefficiencies may bring;

3. Determine the implementation plan for the blockchain-IoT proof of concept pilot.

Chain of Things conference partners include Blockfreight, Women's International Shipping & Trade Association (WISTA), Young Experts in Shipping Network, Jen Advisors, Bolero, PwC, and Infiniti Lab.