Nine leading ocean carriers and terminal operators have signed a formal statement of intent to develop the Global Shipping Business Network (GSBN), a blockchain platform designed to improve transparency and efficiency throughout the supply chain.
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 GSBN will establish a digital baseline that aims to connect all stakeholders, such as carriers, terminal operators, customs agencies, shippers and logistics service providers.
Furthermore, the objective of the GSBN is to provide a platform for cross-industry collaboration and supply chain optimization.
The agreement for the GSBN was struck at the China International Import Expo (CIIE) in Shanghai, where on November 5 2018, Chinese Premier Xi Jinping announced plans to reform the domestic and regional economy through lowering tariffs and encourage collaboration.
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Speaking about the agreement, Yan Jun, president of Shanghai International Port, said: “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.
“We look forward to using the latest technologies for optimizing shipping processes and collaboration.”
Andy Tung, co-CEO of Orient Overseas Container Line, commented: “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.”
These views were shared by Steve Siu, CargoSmart’s CEO. He said: “We are pleased to provide an industry-wide forum for collaboration based on blockchain technologies to transform the shipping and logistics industry and elevate supply chain processes.”