Global Shipping Business Network (GSBN) has welcomed the New Land-sea Corridor Operation Co Ltd, (NLSC) as a new member, expanding the way for digitally integrated land and sea trade routes between Asia and Europe.
NLSC operates a pan-regional integrated transportation platform which orchestrates the transportation network between shipping ports in the east and south of China with the rest of Asia and Europe.
It coordinates the operation of integrated corridor services, and commence foreign exchanges and cooperation, aiming to facilitate transportation and trade between countries that are part of the Regional Comprehensive Economic Partnership (RCEP).
Cargo Release is a paperless solution which connects everyone involved at the port of import including shipping lines, consignees and terminals, shortening the release procedure from 1-2 days to less than four hours.
Harnessing GSBN’s infrastructure, it is the first inland port to execute a paperless cargo release process over the blockchain, connecting the sea routes to rail on land.
Following the successful deployment and harnessing NLSC’s expansive coverage, Cargo Release is set to rollout across more dry ports across the the New International Land-Sea Trade Corridor (ILSTC).
Following its membership to GSBN, NLSC will embark on a Proof of Concept using blockchain technology to streamline the recognition of its House Bill of Lading with Master Bills of Lading issued by carriers to generate value for stakeholders across the supply chain.
Benefits of the digitally powered operation will include greater efficiency as well as more transparency and visibility from customers to financial institutions.
Furthermore, the secure sharing of trusted data will also enhance the trade finance process benefitting small to medium sized businesses.
Bertrand Chen, CEO of GSBN, said: “To fully unlock the potential of new trade partnerships and routes, it is important to embrace digital technology and empower even more stakeholders across the supply chain.
“For instance, solutions like electronic Bill of Lading can extend to cover House Bill of Lading and many other downstream workflows.
“We look forward to partnering with NLSC, which is facilitating one of the world’s most important trade corridors, and connecting with more different parties to expand the coverage of our infrastructure, technology and ecosystem,” Chen added.
Wang Yupei, Chairman of NLSC said: “The ILSTC is more than just a physical intercontinental logistics passage, but it is also a digital one ready to support the future of global trade.
“We look forward to deepening our collaboration with GSBN in areas such as digital logistics, trade, financing and more.”
The partnership aims to help bridge the transparency gap between digitalisation and decarbonisation by enabling the secure and scalable exchange of data pertaining to decarbonisation initiatives.