Global carriers and port operators across the globe have signed a shareholders agreement to launch the blockchain-based Global Shipping Business Network (GSBN), according to media reports.
Parties involved in the deal include DP World, 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 blockchain-based Global Shipping Business Network aims to bring all stakeholders, such as carriers, terminal operators, customs agencies, shipping lines and logistics service providers under a single platform. It will allow all parties in the supply chain to work together with transparency and accelerate the digital transformation of the shipping industry.
The platform will be operated by CargoSmart, which is also the technology solutions provider, as a non-profit organisation. CargoSmart, which is headquartered in Hong Kong, leverages technologies such as AI, IoT, and blockchain to provide innovative solutions to transportation and logistics companies.
Ding Songbing, Manager of Strategy and Research Department of and Shanghai International Port Group (SIPG) told the media “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. With terminal operators being founding members of the blockchain platform, we believe the Global Shipping Business Network will capitalise on new and existing opportunities on the terminal side and expedite digital transformation in the industry.”
Martin Gnass, managing director at Hapag-Lloyd too believes the signing of the shareholders agreement marks an important milestone towards securing an industry-wide secured digital collaboration platform that aims to benefit all parties in the global supply chain.