During the last decade, new technologies have pushed organizations to innovate their business models. In particular, Industry 4.0 and the Internet of things (IoT) have called for their own business models, in order for them to live up to their potential as sources of value and revenues. Seaports have not been alien to this trend. As key nodes in the global supply chain and logistic networks, some of them have evolved towards a new value-generating and community-focused model, categorized as the fifth generation (5G) port. This research paper explores what impact does IoT technology will likely have in the evolution of seaports business models, as well as the role that institutional initiatives play in such evolution. To do so, a case-study is presented about the Port of Barcelona, and the strategic policies that it has adopted in the context of the Belt and Road Initiative developed by the Chinese government. The case shows, though not conclusively, a relationship between IoT technology and the adoption of a 5G business model.