(Yicai Global) May 10 -- The majority shareholder of southern China's Port of Zhuhai will join hands with Insurwave, a European blockchain platform for maritime insurance, to apply the verification method for shipping logistics in China.

Zhuhai Port Holdings Group penned a memorandum of understanding with Insurwave, built by a joint venture between UK's Ernst & Young and Amsterdam-based Guardtime, to optimize logistics operations at the port, the Guangdong province-based firm posted on its WeChat account. 

Insurwave can offer shipping insurance in the Greater Bay Area, one of China's key trade zones, and drive effective trade, the statement added. The blockchain technology, enabled by Microsoft Azure infrastructure and ACORD data standards, was launched in 2017 with A.P. Moller-Maersk as its first pilot user. 

Founded in 2008, state-owned Zhuhai Port Holdings has nearly quadrupled its throughput over the past decade and its assets have grown to CNY26.3 billion (USD3.8 billion) during that time.

Editor: Emmi Laine