Nine leading ocean carriers and terminal operators have signed a formal statement of intent for a memorandum of understanding to form a consortium to develop the Global Shipping Business Network (GSBN) – an open digital platform based on distributed ledger technology.
The participants include ocean carriers CMA CGM, COSCO, Evergreen Marine, OOCL, and Yang Ming; terminal operators DP World, Hutchison Ports, PSA International Pte Ltd, Shanghai International Port; and software solutions provider 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.
A statement from CargoSmart explained “The container shipping industry is often characterised by disparate processes that take place across both physical and digital domains. Companies are increasingly looking towards 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 will enable the shipping industry to digitally transform and to prepare for innovative supply chains. Based on blockchain technology, the new platform will offer the following benefits:
The GSBN's first planned application will allow shippers to digitise and organise their dangerous goods documents and automatically connect with relevant parties to streamline the approval process. The application is scheduled to be available in December 2018.
“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 OOCL chief executive Andy Tung.