CargoSmart has announced the official execution of the Global Shipping Business Network (GSBN) Services Agreement with CMA CGM, COSCO Shipping, COSCO Shipping Ports (CSP), Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group.
According to a statement, each member commits to provide resources to support preparatory work required to establish the GSBN, a not-for-profit venture to accelerate the digital transformation of the shipping industry.
The preparatory work includes obtaining all necessary regulatory, competition and antitrust approvals required for the establishment of the GSBN; CargoSmart will provide software solutions and services to the GSBN once it is formed.
Once established, the GSBN intends to provide a platform for all shipping supply chain participants to work collaboratively to accelerate technology innovation and develop solutions through trusted and secure data exchange platforms.
As part of this, the GSBN will provide shipment visibility and transparency through a trusted data source. In addition to establishing a data governance framework, once it is formed the GSBN will also consider and lead the development of a roadmap of use cases, data access APIs and applicants.
Speaking about the announcement, Steve Siu, CEO, CargoSmart, said: “CargoSmart is pleased to support the strong industry commitment, represented by the GSBN Services Agreements, to build a solid foundation for the digitization of the shipping industry and the development of innovative solutions based on distributed ledger technology.”