Blockchain-Based Global Business Network Launched By Shipping Firms

Maritime and marine news publication, The Maritime Executive, has detailed that nine top terminal operators and shipping firms have signed a Memorandum of Understanding (MoU) to unveil an open digital platform based on distributed ledger technology (DLT).

The MoU, intended at establishing a consortium to create a shipping industry blockchain alliance named the Global Shipping Business Network (GSBN), has been inked by the world’s top shipping companies amid the China International Import Expo in Shanghai on Nov. 6.

The article quotes that the software platform for the global shipping business network will be offered by CargoSmart, a Hong Kong-based company with expertise in shipping and logistics.

CargoSmart started the launch of the blockchain shipping alliance, and the primary application of the recently set up global shipping business network is planned for December 2018. The article quotes:

“The first planned application will allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process.”

This latest blockchain alliance includes shipping companies such as PSA Universal, a Singapore-based company and one of the world’s biggest port administrators, and Shanghai International Port Group, leading operator of ports in China. Other members incorporate top French shipping group CMA CGM S.A and Yang Ming Marine Transport Corporation, a Taiwan-based shipping company.

By the end of summer, Danish transport and logistics giant Maersk, in association with IBM, had also introduced worldwide blockchain-enabled tool including 94 organizations for shipping and logistics solutions.