Digital Silk Road: Transforming the global shipping industry through innovation

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The recently concluded Maritime Silk Road Port International Cooperation Forum in Ningbo, saw shipping industry experts from around the world, discuss new ways to boost the efficiency of sea-based trade. Many believe that the way forward is by relying on the Digital Silk Road. CGTN's Yang Zhao has more.

Industry experts from more than 40 countries gathered in the coastal Chinese city of Ningbo for the Maritime Silk Road Port International Cooperation Forum on Wednesday. The event served as a new communication platform for international trade and shipping industries, and how to improve maritime trade.

CHRIS CAPLICE, EXECUTIVE DIRECTOR MIT CENTER FOR TRANSPORTATION & LOGISTICS "Autonomous truck, 3D printing, blockchain making more efficient the interactions between multiple training partners."

With an estimated 80 percent of goods being shipped by sea each year, ports have long been a critical link in the global supply chain.

However, industry experts are looking to speed things up, by making use of AI technology and automated processes, as much of the operations are done through manual labor. The hope is that a digital transformation can boost the efficiency of ports around the world.

MA SHUO, VICE PRESIDENT WORLD MARITIME UNIVERSITY "The impact of digitalization is irreversible and long-term. If the port is to innovate, I think that digitalization should be an opportunity rather than a threat."

CHRIS CAPLICE, EXECUTIVE DIRECTOR MIT CENTER FOR TRANSPORTATION & LOGISTICS "The ability to track things with sensors, the ability to handle with massive data, we are finally closing the loop while we are able to capture, process and analyze a lot of these and lead to a more predictive analytics."

Though emerging technologies present great opportunities, industries need to overcome several challenges, such as management transformation, data protection, and approval from relevant governments. Building the "digital silk road" won't be easy, but experts believe that the benefits outweigh the risks. Yang Zhao, CGTN, Ningbo, Zhejiang Province.