• Tue, 12 Nov 2019, 02:23 PM
  • All times are UTC
  • Edition:
    International
Copy link
Increase text size
Decrease text size
Link copied

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.”

<Copyright © TokenPost. All Rights Reserved. >

To leave a comment, please sign in.
More
  • Bitcoin (BTC) $8,730.75 (-0.17%)
  • Ethereum (ETH) $184.86 (-1.09%)
  • XRP (XRP) $0.272200 (-0.78%)
  • Bitcoin Cash (BCH) $286.53 (-0.23%)
  • Litecoin (LTC) $60.83 (-1.78%)
  • Bitcoin (BTC) $8,730.75 (-0.17%)
Nov 12, 2019 (Tuesday)
12:28
UPS and HerdX track and monitor beef shipment from U.S. to Japan using blockchain technology
12:12
Crypto Technicals: Major Cryptocurrency Support Resistance Levels
12:10
Crypto Technicals: Major Cryptocurrency Daily Technical Outlook
11:13
China's forex regulator SAFE expands blockchain cross-border financing pilot to 19 provinces
10:12
eToroX adds support for Dash, USDC, USDT and GOLDX/BTC, announces 5 new stablecoins
10:03
Crypto Technicals: XLM/USD downside limited, holds support at 5-DMA
09:19
Crypto Technicals: NEO/USD consolidates around 200-DMA, bias bullish
09:19
CoinMarketCap releases Liquidity metric geared towards filtering out market manipulation
09:02
Bittrex to release funds of frozen accounts following OFAC’s go-ahead but requirements need to be met first
07:50
Film and tech executives to launch blockchain working group at American Film Market
07:39
Crypto Technicals: XRP/USD holds cloud support, intraday bias bearish
07:20
Crypto Technicals: ETH/USD holds 21-EMA support, intraday bias neutral
06:53
Banque de France seeks crypto analyst, development engineer for various financial applications
06:48
Bithumb Global announces native token for its blockchain platform ‘Bithumb Chain’
06:33
Crypto Technicals: BTC/USD holds support at 4H 200 SMA (8666), break below to see more weakness
06:03
BIS appoints Benoit Coeure as the head of new Innovation Hub; Group to foster fintech cooperation between central banks
05:53
Bakkt opens bitcoin custody service to all institutions
04:52
Free 7-week crypto lectures to be launched by venture capital firm Andreessen Horowitz
04:46
Alibaba partners with Lolli to reward shoppers with bitcoin
03:42
Chinese-state run publication releases positive report about Bitcoin
Subscribe to the TokenPost newsletter!
Don't show me this again today.
Back to top
Copyright ⓒ TokenPost. All Rights Reserved.
PUBLISHsoft