Bahrain-based tech startup MVC International and logistics agency Cox Logistics Group will collectively launch a so-called SmartHub logistics warehouse to enhance the distribution of prescription drugs throughout the Gulf Cooperation Council.
The blockchain logistics warehouse platform will present built-in Observe & Hint and IoT sensors and a sensible contracts-based SmartPass function geared to make sure compliance with customs clearances, Gulf As we speak reported on April 27. Moreover, customers can deploy the platform for provide chain finance and worldwide funds settlements.
The builders declare that the SmartHub is ready to velocity up and enhance each chilly and non-cold storage distribution of meals merchandise and medical provides within the area, and considerably minimize the time spent on paperwork, administration and forms.
In a bid to make Bahrain a fintech hub
Husain Rajab, chief funding officer on the Bahrain Financial Improvement Board (EDB), stated, “the challenge goals to construct on Bahrain’s world-class digital infrastructure, which might allow the Kingdom to grow to be a serious regional logistics hub.”
This comes in step with the EDB’s program to attract more fintech startups to the nation that launched final November. On the time, the EDB stated, “The Kingdom’s pioneering, agile and versatile regulatory framework permits it to manage rising applied sciences — resembling open banking and cryptocurrencies — in a manner different jurisdictions merely can’t.”
Firms across the phrase deploy blockchain in provide chains
Within the meantime, blockchain has been gaining reputation within the provide chain sector, with the world’s main corporations making use of the tech to enhance their inner processes. Yesterday, Cointelegraph reported that Cos, the luxurious subsidiary of the fast-fashion model H&M, have partnered with a blockchain platform, VeChain, to supply detailed provide chain tracing knowledge to clients.
Final month, the Malaysian Palm Oil Council and blockchain startup BloomBloc developed a blockchain app that permits customers to hint palm oil all through your complete provide chain. The system registers every tree and its related data.
