Global Shipping Business Network on Blockchain Platform Launched

Nine leading ocean carriers and terminal operators today signed a formal statement of intent for a Memorandum of Understanding (MOU) to form a consortium to develop the Global Shipping Business Network (GSBN), an open digital platform based on distributed ledger technology.

According to a statement, the participants include COSCO Shipping Lines, CMA CGM, Evergreen Marine, OOCL, Yang Ming, DP World, Hutchison Ports, PSA International and Shanghai International Port, as well as software solutions provider CargoSmart.

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 container shipping industry is often characterized by disparate processes that take place across both physical and digital domains. Companies are increasingly looking towards digital technologies to resolve siloed shipment management procedures and disruptive information gaps.

The consortium will offer a forum to address these challenges, explore cross-industry opportunities, and empower future innovation and insights. The consortium’s leading members intend to collaboratively develop the platform and establish standards to facilitate the seamless sharing of documents and data across all stages of the shipping lifecycle.

The GSBN will enable the shipping industry to digitally transform and to prepare for innovative supply chains.

The statement said that building upon 18 years of experience providing solutions that connect carriers, terminals, shippers, and forwarders, CargoSmart initiated the formation of the blockchain consortium to revolutionize information exchange in the shipping industry.

“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.”

“With the vision of a truly open blockchain platform for the industry, the GSBN will be key to the success of establishing a sustainable blockchain ecosystem for all stakeholders in the supply chain. OOCL is very excited to be a part of this highly collaborative environment that can facilitate the cross-pollination of ideas towards even more innovative business models and solutions for our customers,” said Andy Tung, co-chief executive officer of Orient Overseas Container Line Ltd.