Ukraine’s Seaports to Switch to Blockchain
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Aug. 20, 2018
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The ports of Ukrainian cities Nikolaev, Odessa and Yuzhny will be controlled by an e-Port 4.0 electronic system. Its individual components work on the basis of the blockchain. This was told by the country’s Infrastructure Minister Vladimir Omelyan, writes Interfax-Ukraine. The project was tested at the port of Olvia. According to the minister, the result can be called successful: the registration and terms of processing of cargoes accelerated by 34.4%. The ports will be transferred to the new system by the end of the year.

The E-Port system is state-owned, is in the public administration and all the revenues from it are generated in the state budget.

Earlier, famous Ukrainian Politician Yulia Tymoshenko said that blockchain needs to be implemented in the state management system. According to her, this would help to lower the level of corruption in the governmental sector and assist Ukraine in becoming the “new Singapore”.

WHY IS IT IMPORTANT?

  • The use of the blockchain in managing the operation of ports, as in other areas, will make the process more transparent and efficient, and it will also reduce the costs.
  • Ukraine is actively implementing blockchain. Earlier in August, it became known that Ukrainian authorities have tested the voting system based on NEM’s blockchain.
  • In addition, already in 2019, Ukraine might legalize cryptocurrency as a financial asset. The Verkhovna Rada [the parliament] will consider a relevant bill in late 2018 or in 2019.
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