A new blockchain platform will track a third of all shipping containers worldwide

Global Shipping Business Network launched a blockchain-based platform to digitize shipping and sought out key partners to target Asian markets.
Global Shipping Business Network (GSBN), a blockchain-based platform, has been launched. It could track up to one-third of all shipping containers around the world. Eight national freight maritime cargo companies from around the world founded the GSBN in October 2020 to create a blockchain platform that digitizes shipping processes like document issuance, clearance, and logistics data. The GSBN, a non-profit consortium based in Hong Kong, claims that it “accounts for one of every three containers handled around the world.” This may soon be verified on the blockchain after the platform has been fully utilized. The GSBN, in partnership with Oracle and Microsoft Azure, AntChain, Alibaba Cloud, announced the launch of the new platform blockchain on Sept. 8. The announcement stated that the GSBN chose to use a best-of breed approach to technology as it was an independent consortium. This will ensure that the infrastructure is reliable, strong, and highly scalable. GSBN stated that the partnerships were chosen for geostrategic reasons, such as Oracle’s global trading operating system and Azure service reliability in Southeast Asia. China deployment will be done using Ant Group and Alibaba Cloud. The data will be encrypted before it is sent to the blockchain platform. This ensures that GSBN has information control. The consortium stressed that blockchain technology allows it to collaborate with “disparate, often competing market participants”. In July, the GSBN launched “Cargo Release”, a blockchain-based application for China. It was designed to speed up processing times by removing paper and storing data onto the blockchain. Related: Farmers gain competitive advantage through blockchain traceability The platform offered supply-chain digitizing services. Data from almost half of the world’s ocean cargo was brought to the TradeLens network through the integration with CMA CGM, MSC and MSC.

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