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GSBN launches blockchain application in China

The Global Shipping Business Network (GSBN) has launched the first application of its blockchain enabled Cargo Release system in China. The news follows the consortium’s incorporation earlier this year.

Cargo Release is a paperless and transparent solution that connects those involved in port import including shipping lines, consignees, their agents and terminals. The system simplifies data exchange by eliminating the need for paper, shortens operations times, and provides continuous real-time updates to ensure the cargo is ready for release in a matter of hours rather than days.

Shipping companies including Cosco Shipping, SIPG and OOCL have rolled out the system. Hapag Lloyd is due to pilot the system later this year.

“Like the early days of cloud technology, the shipping industry is on the cusp of an exciting revolution where major efficiencies will be unlocked, and significant value will be created,” said Bertrand Chen, CEO at GSBN.

“This announcement is a milestone for global trade as this sector steps into the next digital era. The deployment of Cargo Release in China is of major significance as one of the most important markets for import and export in the world.”

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