Nine major ocean carriers and terminal operators have signed an agreement indicating their intention to become shareholders of the proposed blockchain-based Global Shipping Business Network (GSBN), a not-for-profit organisation which aims to create a secure data exchange platform for stakeholders across the supply chain.
The companies, namely CMA CGM, COSCO Shipping Lines, COSCO Shipping Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group (SIPG), will work with technology company CargoSmart (owned by COSCO) as the platform operator for the GSBN.
The signing of the agreement marks a significant step towards the full establishment of the new organisation, the group said, which will be officially formed once all regulatory approvals have been obtained.
“The signed shareholders’ agreement symbolises an important milestone towards securing an industry-wide secured digital collaboration platform that aims to benefit all parties in the global supply chain,” said Martin Gnass, Managing Director IT of Hapag-Lloyd.
“We expect the trusted blockchain platform will accelerate the sharing of verified logistics and cargo data, streamline business operations across the whole supply chain, and create value to each stakeholder.”
CargoSmart has already conducted a number of proof-of-concept (PoC) trials in preparation for the full launch of the GSBN, including a pilot project with eTradeConnect, a trade finance blockchain consortium facilitated by the Hong Kong Monetary Authority (HKMA).
