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Consortium to build global shipping blockchain Featured

A group of nine ocean carriers and terminal operators have agreed to form a consortium to develop the Global Shipping Business Network (GSBN), an open digital platform based on blockchain distributed ledger technology.

{mprestriction ids="1,2"}The participants include ocean carriers 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 provider CargoSmart.

The new platform aims to establish a digital baseline to connect stakeholders across the transport chain, including carriers, terminal operators, customs agencies, shippers, and logistics service providers, to support improved collaboration and to establish standards that can facilitate the seamless sharing of documents and data.

The GSBN platform will be a cooperative network that allows members to develop applications and connect to other consortium networks, providing peer-to-peer networking capabilities so data owners can share immutable records with other shipment stakeholders.

The first planned application, scheduled to be available in December 2018, will allow shippers to digitise and organise their dangerous goods documents and automatically connect with relevant parties to streamline the approval process.

“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,” said Andy Tung, co-chief executive officer of Orient Overseas Container Line Ltd.

“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.”{/mprestriction}

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