Nine ocean carrier majors and terminal operators signed today a formal statement of intent for a Memorandum of Understanding (MOU) to form a blockchain consortium.
The consortium, named the Global Shipping Business Network (GSBN), includes CMA CGM, Cosco Shipping Lines, Evergreen Marine, OOCL, and Yang Ming; terminal operators DP World, Hutchison Ports, PSA International Pte, and Shanghai International Port; and software solutions provider CargoSmart.
The new open digital platform aims to connect all stakeholders, including carriers, terminal operators, customs agencies, shippers, and logistics service providers to transform the supply chain and boost its effectiveness.
Blockchain is expected to resolve siloed shipment management procedures and disruptive information gaps in the container shipping sector.
CargoSmart said that the first planned application of the technology 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 2018.
“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.