The Global Shipping Business Network, an open distributed ledger technology platform for maritime businesses, has acquired nine new signatories.
Shipping management software provider CargoSmart, which initiated the formation of the Global Shipping Business Network (GSBN) in November 2018, has announced the signing of agreements with CMA CGM, COSCO Shipping Lines, COSCO Shipping Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group. The signatories have all declared their commitment to contribute resources towards the establishment of the GSBN, which is designed to facilitate the transfer of data and documents throughout the shipping supply chain.
Once the formation of the GSBN is completed, it is projected to offer benefits for the industry including:
- An open, co-operative maritime blockchain network enabling participants to connect and develop applications, thereby accelerating the process of integrating shipping data;
- Fully transparent peer-to-peer networking protocols, facilitating swift action on critical cargo shipping milestones; and
- Setting an industry-wide standard for digital practice as the maritime sector moves towards wider digitalisation of its processes.
Ho Ghim Siew, Head of Group Commercial, Strategy and Cargo Solutions at port operator PSA International, said: “Having an ethos of open architecture and good data governance among supply chain participants will go a long way towards building an Internet of Logistics. We believe this greater connectedness will benefit the supply chain and facilitate a more efficient and transparent future for global trade.”
By providing a comprehensive maritime blockchain data storage platform, the Global Shipping Business Network is expected to simplify the process of shipping freight by eliminating the risks posed by missing or incomplete paperwork; both saving time and increasing the security of document exchange. The GSBN is expected to be fully established in early 2020, with CargoSmart testing a number of pilot applications before the network is made available to participants.
