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SHANGHAI: November 06, 2018. Nine leading ocean carriers and terminal operators are to form a consortium to develop the Global Shipping Business Network (GSBN), an open digital platform based on blockchain technology.

They include ocean carriers CMA CGM, COSCO SHIPPING Lines, Evergreen Marine, OOCL, and Yang Ming; terminal operators DP World, Hutchison Ports, PSA International Pte Ltd, and 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.

“The GSBN blockchain consortium has the potential to enable faster, morCargosmart Blockchaine 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.”

Based on blockchain technology, the new platform will offer the following benefits: A cooperative network that enables members to develop applications and connect to other consortium networks to increase the speed of data integration and improve business performance; peer-to-peer networking that allows data owners to share immutable records to other shipment stakeholders, enabling them to take quick action regarding critical milestones and to keep cargo moving throughout the supply chain; and an industry-wide common, trusted, and expansive digital model to provide a foundation for highly collaborative initiatives and market intelligence.

CargoSmart initiated the formation of the blockchain consortium to revolutionize information exchange in the shipping industry. 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 from 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 Andy Tung, Co-CEO of Orient Overseas Container Line.

Pictured at the China International Import Expo in Shanghai on November 06: Rodolphe Saadé, chairman and CEO CMA CGM; Wang Haimin, managing director COSCO SHIPPING Lines; Matthew Leech, Chief Operating Officer Port and Terminals, DP World; Lawrence Lee, president Evergreen Marine Corporation; Ivor Chow, director Corporate Finance & Business Development Hutchison Ports; Andy Tung, Co-CEO Orient Overseas Container Line; Tan Chong Meng, Group CEO, PSA International; Yan Jun, president Shanghai International Port; Bronson Hsieh, chairman Yang Ming Marine Transport Corporation; and Steve Siu, CEO CargoSmart Ltd.

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