Eight international shipping companies have formed the Global Shipping Business Network consortium and launched a blockchain-based supply chain tracking platform.
The Global Shipping Business Network (GSBN) is an independent consortium founded by shipping giants Cosco Shipping Lines, Cosco Shippings Ports, Hapag-Lloyd, Hutchison Ports, OOCL, SPG Qingdao Port, PSA International and Shanghai International Port Group. These companies account for a third of the world’s cargo transportation.
The consortium’s task is to simplify the interaction of shipping companies with other participants in the supply chain using the blockchain. The GSBN platform will help create conditions for cooperation even for competing market participants, the developers said.
According to the GSBN website, the platform operates on a controlled blockchain. Before being sent to the platform, the data will be encrypted, and only authorized parties who have received permission from the system participants can view it.
The platform is intended for container terminal operators, shippers, freight forwarders, cargo transporters, customs services and any interested financial institutions.
The consortium has partnered with US software maker Oracle, as well as Chinese software developers AntChain and Alibaba Cloud to deploy the platform to the Chinese market. In addition, GSBN uses the Microsoft Azure cloud service.
Earlier this year, GSBN selected IQAX as a technology partner to develop a blockchain-based platform. Shanghai-based freighter Cosco Shipping tested Ant Financial’s enterprise blockchain last year to improve efficiency in logistics operations.
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