Carriers and operators form blockchain consortium

Hong Kong carrier Orient Overseas Container Line and compatriot port operator Hutchison Ports are among nine international operators and liner companies that have signed up to a Memorandum of Understanding to form a consortium to develop the Global Shipping Business Network, an open digital platform based on distributed ledger technology (better known as blockchain technology).

 

Other parties include liner companies, CMA CGM, Cosco Shipping Lines, Evergreen Marine, Yang Ming, and terminal operators, DP World, PSA International, and Shanghai International Port. The software solutions provider is CargoSmart.

 

The new platform will establish a digital baseline that aims to connect all stakeholders, including carriers, terminal operators, customs agencies, shippers, and logistics service providers to enable collaborative innovation and digital transformation in the supply chain.

 

Companies are increasingly looking to digital technologies to resolve siloed shipment management procedures and disruptive information gaps. The consortium will offer a forum to address these challenges, explore cross-industry opportunities, and empower future innovation and insights. The consortium’s leading members intend to collaboratively develop the platform and establish standards to facilitate the seamless sharing of documents and data across all stages of the shipping lifecycle.

 

The GSBN provides the foundation for new applications that can transform documentation flow for shipment management including dangerous goods documents, invoices, and cargo release. The first planned application will allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process. The application is scheduled to be available in December 2019.

 

“The GSBN blockchain consortium has the potential to enable faster, more accurate processing of cargo information and more transparency of terminal operations to cargo owners,” said Yan Jun, president of Shanghai International Port. “We look forward to using the latest technologies for optimizing shipping processes and collaboration.”

 

“With the vision of a truly open blockchain platform for the industry, the GSBN will be key to the success of establishing a sustainable blockchain ecosystem for all stakeholders in the supply chain. OOCL is very excited to be a part of this highly collaborative environment that can facilitate the cross-pollination of ideas towards even more innovative business models and solutions for our customers,” said Andy Tung, co-chief executive officer of Orient Overseas Container Line Ltd.

 

“As a founding member of the GSBN consortium, Hutchison Ports recognises the potential of blockchain technology to be the key game changer with far-reaching impact on global supply chains, bringing immense benefits to all aspects of operations and end-to-end visibility throughout the entire supply chain. This collaboration brings together major industry players who strive to develop an open digital platform that will deliver efficiency gains and reduce costs of transactions,” said Ivor Chow, director – Corporate Finance & Business Development of Hutchison Ports.”

 

“We are pleased to provide an industry-wide forum for collaboration based on blockchain technologies to transform the shipping and logistics industry and elevate supply chain processes,” said Steve Siu, chief executive officer of CargoSmart.

 

Source:hongkongmaritimehub

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