99 Interactions, 2 Today
Global Shipping Business Network announced the creation of a new blockchain-based platform to modernise the shipping process and sought crucial collaborations to target Asian markets.
Global Shipping Business Network (GSBN) has launched a new blockchain-based network that has the capacity to track one-third of all shipping containers worldwide.
The GSBN was established in October 2020 by eight worldwide national freight maritime cargo businesses to create a blockchain platform that digitises shipping procedures such as document issuance, clearance, and logistics data.
Members of the Hong-Kong-based nonprofit consortium GSBN are said to “account for one in every three containers handled in the world,” and this may soon be verifiable on the blockchain once the platform is fully utilized.
The GSBN announced the launch of the new blockchain platform on Wednesday in partnership with Oracle, Microsoft Azure, AntChain and Alibaba Cloud.
“As an independent consortium, it chose a best-of-breed approach to technology to ensure the infrastructure is strong, reliable and highly scalable,” the announcement read.
GSBN noted that the partnerships were sought out for geostrategic purposes such as Oracle’s global trade operating system and Azure’s service reliability in Southeast Asia. Ant Group and Alibaba Cloud will be used for deployment in China.
To ensure information control by GSBN, the data will be encrypted before being sent to the blockchain platform, which means the members cannot access the data without authorization. The consortium also emphasized that blockchain technology enables it to collaborate with “disparate and often competing market participants.”
In July, the GSBN released “Cargo Release,” its first blockchain-based application in China, with the goal of shortening processing time by eliminating paper and storing data on the blockchain.
Around the same time as the GSBN was established in October of last year, two of the world’s major container carriers, CMA CGM and MSC Mediterranean Shipping Company, announced a full integration onto IBM and Maersk’s TradeLens blockchain platform.
The competing platform provides supply-chain digitisation services, and the TradeLens network now contains data from roughly half of the world’s maritime container shipping thanks to integrations with CMA CGM and MSC.