Maritime blockchain platform Global Shipping Business Network (GSBN) has added the New Land-Sea Corridor Operation Co (NLSC) as a member, to support wider digitally integrated land and sea trade routes between Asia and Europe.
The New International Land-Sea Trade Corridor (ILSTC) is a trade and logistics passage jointly established by China and ASEAN members. NLSC operates a pan-regional integrated transportation platform which orchestrates the transportation network between shipping ports in the east and south of China with the rest of Asia and Europe.
NLSC’s platform is used to coordinate the operation of integrated corridor services, to harmonise railways, highways, shipping, aviation and other resources and build domestic and international service networks, facilitating trade between countries that are part of the Regional Comprehensive Economic Partnership (RCEP).
In May 2023, NLSC and COSCO Shipping Lines deployed GSBN’s Cargo Release blockchain-based system in the Port of Chongqing, a dry port along the trade corridor. Cargo Release was used to digitally connect various parties at the port of import, including shipping lines, consignees and terminals, to shorten the release procedure from 1-2 days to less than 4 hours.
Following the successful deployment, Cargo Release is set to rollout across more dry ports across the ILSTC, the companies said.
Following its membership of GSBN, NLSC will also begin a Proof of Concept using blockchain technology to streamline the recognition of its House Bill of Lading with Master Bills of Lading issued by carriers.
“To fully unlock the potential of new trade partnerships and routes, it is important to embrace digital technology and empower even more stakeholders across the supply chain,” said Bertrand Chen, CEO of GSBN.
“For instance, solutions like electronic Bill of Lading can extend to cover House Bill of Lading and many other downstream workflows. We look forward to partnering with NLSC, which is facilitating one of the world’s most important trade corridors, and connecting with more different parties to expand the coverage of our infrastructure, technology and ecosystem.”
