Nine ocean carriers and terminal operators have announced their intent to form a blockchain consortium in another industry initiative to exploit technology.
CMA CGM, COSCO Shipping Lines, Evergreen, Orient Overseas Container Line (OOCL), Yang Ming, terminal operators DP World, Hutchison Ports, PSA International Pte Ltd, and Shanghai International Port, as well as software solutions provider CargoSmart, have signed a declaration of intent to form Global Shipping Business Network (GSBN).
Senior executives from the companies signed the declaration at the China International Import Expo in Shanghai on 6 November.
The consortium aims to link carriers, terminal operators, customs agencies, shippers, and logistics service providers to enable collaborative innovation and digital transformation in the supply chain.
OOCL co-CEO Andy Tung said, “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.”
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 such as blockchain to resolve siloed shipment management procedures and disruptive information gaps.
Shanghai International Port president Yan Jun said, “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.”