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Ocean carriers sign blockchain alliance

Shanghai - Nine ocean carriers and terminal operators have signed a memorandum of understanding to form the Global Shipping Business Network (GSBN), an open digital platform based on distributed ledger technology

Shanghai - Nine ocean carriers and terminal operators have signed a memorandum of understanding to form the Global Shipping Business Network (GSBN), an open digital platform based on distributed ledger technology.

The new platform aims at establishing a digital baseline in the shipping industry to enable digital transformation and collaborative innovation in the industry. It is, in a nutshell, a blockchain consortium, and will employ big data analytics, artificial intelligence, Internet of Things and blockchain technologies to develop the system.

The first application has been planned to allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process. The application is scheduled to be available in December.

The nine partners are DP World, Hutchsionports,PSA, SIPG,CMA CGM,COSCO Shipping Lines, Evergreen,OOCL,YangMing and CargoSmart.

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