COSCO SHIPPING SPE. has signed an agreement to enter the blockchain-based Global Shipping Business Network (GSBN).

The companies held a virtual cooperation agreement signing ceremony on 1 June, officially inaugurating COSCO SHIPPING SPE. as a new member of the consortium.

The integration of COSCO SHIPPING SPE digital shipping platform with GSBN’s blockchain platform will offer a solution to data and resource exchange with industry chain partners, comprehensively simplify operations across the entire supply chain, and achieve mutually beneficial results for all stakeholders.

In September 2021, GSBN announced it had launched its blockchain-enabled operating system, designed to improve global trade.

The not-for-profit consortium built the system in partnership with Oracle, Microsoft, AntChain and Alibaba Cloud.

By using blockchain technology, GSBN is able to enable collaboration between disparate and often competing market participants, the consortium wrote.

GSBN was first founded by eight global shipping lines and terminal operators, and has been working with the four technology companies to build the infrastructure needed to enable modern and efficient global trade through data exchange.

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