The Global Shipping Business Network (GSBN), a blockchain-based digital trade documentation platform backed by a consortium of maritime stakeholders, has announced the rollout of its first application Cargo Release in China.
The consortium, founded by eight shipping lines and terminal operators, was officially incorporated earlier this year having been originally announced in late 2018. GSBN is developing an independent, not-for-profit blockchain-enabled operating system for global trade, with the Cargo Release application operating on this infrastructure.
Cargo Release is a paperless data exchange system that aims to connect all stakeholders at a port of import including shipping lines, consignees, their agents and terminals. The system has already been deployed by GSBN members COSCO SHIPPING Lines, OOCL and SIPG, with Hapag-Lloyd also expected to participate in a pilot in Q3 2021.
“Like the early days of cloud technology, the shipping industry is on the cusp of an exciting revolution where major efficiencies will be unlocked, and significant value will be created. This announcement is a milestone for global trade as this sector steps into the next digital era,” said Bertrand Chen, CEO at GSBN.
“The deployment of Cargo Release in China is of major significance as one of the most important markets for import and export in the world. This is just the beginning as we scale up and launch into new markets later in the year.”
GSBN hopes to see its platform fully integrated with China’s ongoing efforts to digitally upgrade its logistics and supply chain industries. The country’s Ministry of Transport is already rolling out its ‘Chang Xing Programme’ to digitise its ports and shipping industry in collaboration with carriers and members of GSBN, like COSCO SHIPPING Lines, OOCL and Hapag-Lloyd.