Bahrain-based tech startup MVC Global and logistics business firm Cox Logistics Grouping will jointly launch a then-called SmartHub logistics warehouse to improve the distribution of pharmaceuticals beyond the Gulf Cooperation Council.

The blockchain logistics warehouse platform will provide congenital-in Rails & Trace and IoT sensors and a smart contracts-based SmartPass feature geared to ensure compliance with customs clearances, Gulf Today reported on April 27. Additionally, users can deploy the platform for supply chain finance and international payments settlements.

The developers merits that the SmartHub is able to speed upward and meliorate both common cold and non-cold storage distribution of nutrient products and medical supplies in the region, and significantly cutting the fourth dimension spent on paperwork, administration and bureaucracy.

In a bid to make Bahrain a fintech hub

Husain Rajab, chief investment officer at the Bahrain Economic Development Board (EDB), said, "the project aims to build on Bahrain's world-class digital infrastructure, which would enable the Kingdom to become a major regional logistics hub."

This comes in line with the EDB'southward program to attract more than fintech startups to the country that launched last November. At the time, the EDB said, "The Kingdom's pioneering, agile and flexible regulatory framework allows it to regulate emerging technologies — such as open banking and cryptocurrencies — in a way other jurisdictions simply cannot."

Companies effectually the word deploy blockchain in supply chains

In the concurrently, blockchain has been gaining popularity in the supply chain sector, with the globe'southward leading companies applying the tech to improve their internal processes. Yesterday, Cointelegraph reported that Cos, the luxury subsidiary of the fast-fashion brand H&M, have partnered with a blockchain platform, VeChain, to provide detailed supply concatenation tracing data to customers.

Last month, the Malaysian Palm Oil Council and blockchain startup BloomBloc adult a blockchain app that enables users to trace palm oil throughout the entire supply chain. The system registers each tree and its associated information.