The Global Shipping Business Network (GSBN), a blockchain-based digital data exchange platform backed by a group of global shipping carriers and terminal operators, reports that it has signed a Memorandum of Understanding (MOU) with eight new shipping port groups in China to link to the system.
The virtual signing ceremony was witnessed by China’s Ministry of Transport, and included Guangzhou Port Company, Fujian Province Port Group, Zhejiang Provincial Seaport Investment & Operation Group, Jiangsu Port Group, Anhui Provincial Port & Shipping Group, Shandong Port Group, Tianjin Port, and Hainan Harbor and Shipping Holding.
The aim of the agreement is to link these ports with other stakeholders within the supply chain network via GSBN’s Cargo Release application, which uses blockchain to provide a trusted ‘operating system’ connecting relevant stakeholders.
Connecting these ports to a single centralised network aligns with China’s own strategy of boosting the use of technology across its trade sector and is seen as a key component of the Chinese Ministry of Transport’s ‘Chang Xing Programme’.
“The MOU is an incredibly exciting moment, but it is just the start. Our aim is to harness our operating system to redefine global trade, unlocking efficiencies, improving resilience, and generating new value,” said GSBN, in a statement.
“As a not-for-profit consortium, we are fully committed to collaborating with both our members and the wider ecosystem to lead the digital transformation of the industry and continue to expand our use cases. We look forward to bringing the advantages of our consortium and operating system to other ports around the world.”
GSBN’s membership currently includes maritime companies like Hutchison Ports, PSA, COSCO SHIPPING Lines, OOCL and Hapag-Lloyd.