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Nine leading shipping companies team up for new blockchain consortium

Tue, 13 Nov 2018, 09:52 am UTC

Nine leading ocean carriers and terminal operators are teaming up to form a consortium to develop the Global Shipping Business Network (GSBN), an open digital platform based on distributed ledger technology (DLT).

The participants include ocean carriers include CMA CGM, COSCO SHIPPING Lines, Evergreen Marine, OOCL, and Yang Ming; terminal operators DP World, Hutchison Ports, PSA International Pte Ltd, and Shanghai International Port; and software solutions provider CargoSmart.

The consortium will work towards resolving the existing siloed shipment management procedures and disruptive information gaps. Its members intend to co-develop the platform and establish standards to facilitate the seamless sharing of documents and data across all stages of the shipping lifecycle.

Based on blockchain technology, the new platform will offer an open and extensible network allowing members to develop applications and connect to other consortium networks to increase the speed of data integration and improve business performance; enhance transparency and facilitate instant validation; and provide a “digital baseline” for standards.

“The new platform will establish a digital baseline that aims to connect all stakeholders, including carriers, terminal operators, customs agencies, shippers, and logistics service providers to enable collaborative innovation and digital transformation in the supply chain,” the release said.

The first planned application, scheduled to be available next month, will allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process.

“The GSBN blockchain consortium has the potential to enable faster, more accurate processing of cargo information and more transparency of terminal operations to cargo owners,” said Yan Jun, president of Shanghai International Port. “We look forward to using the latest technologies for optimizing shipping processes and collaboration.”

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