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PSA, COSCO, Shanghai and major carriers sign blockchain agreement

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Nine of the world’s biggest carriers, terminal operators and ports are one step closer to launching the Global Shipping Business Network (GSBN) after signing a shareholders’ agreement.

The GSBN is a collaboration designed to facilitate a secure and trusted data exchange across the supply chain using blockchain.

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Its members include CMA CGM, COSCO Shipping Lines, COSCO Shipping Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group (SIPG).

The agreement sets out the GSBN’s governance structure and full nature of how the parties will cooperate. It need only

According to CargoSmart, the GSBN’s technology solutions provider and platform operator, the consortium will “nurture community participation and introduce a wide range of innovative services and applications to streamline operation processes and overall efficiency.

In preparation for the GSBN’s launch, CargoSmart has conducted a number of proof-of-concepts (PoC) to “validate opportunities for the participants”.

“Existing data exchange and practices in the shipping industry do not adequately address all terminal operational details, leading to missed opportunities to improve overall efficiency,” said Ding Songbing, Manager of Strategy and Research Department of SIPG

“With terminal operators being founding members of the blockchain platform, we believe the GSBN will capitalize on new and existing opportunities on the terminal side and expedite digital transformation in the industry.”  

The GSBN was originally announced in November 2018, a story Port Technology International (PTI) reported on.

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