Ocean carriers and terminal operators have signed a formal statement of intent to develop the Global Shipping Business Network (GSBN), a blockchain platform that they said would improve transparency and efficiency throughout the supply chain. The participants include COSCO Shipping Lines, CMA CGM, Evergreen Marine, OOCL, Yang Ming, DP World, Hutchison Ports, PSA International and Shanghai International Port, plus software solutions provider CargoSmart.
The agreement was signed at the China International Import Expo (CIIE) in Shanghai.
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.”
TradeLens, a blockchain collaboration between Maersk and IBM, was launched in August.