New blockchain platform aims to track one-third of all shipping containers around the world

Global Shipping Business Network (GSBN) has launched a new blockchain-based platform that could potentially track a third of shipping con...



Global Shipping Business Network (GSBN) has launched a new blockchain-based platform that could potentially track a third of shipping containers around the world.

The GSBN was founded in October 2020 by eight global national ocean freight companies to create a blockchain platform that digitizes shipping processes such as document issuance, customs clearance, and logistics data.

Members of the Hong Kong-based nonprofit GSBN consortium “are believed to represent one in every three containers handled globally,” and this may soon be verifiable on the blockchain once the platform is fully utilized.

GSBN announcement the launch of the new blockchain platform on September 8 in partnership with Oracle, Microsoft Azure, AntChain and Alibaba Cloud.

“As an independent consortium, it has chosen a cutting-edge technological approach to ensure that the infrastructure is strong, reliable and highly scalable,” the announcement said.

GSBN noted that the partnerships were sought for geostrategic purposes such as Oracle’s global business operating system and the reliability of Azure services in Southeast Asia. Ant Group and Alibaba Cloud will be used for the deployment in China.

To ensure control of the information by GSBN, the data will be encrypted before being sent to the blockchain platform, which means that members cannot access the data without authorization. The consortium also pointed out that blockchain technology allows it to collaborate with “disparate and often competing market players”.

In July, the GSBN launched its first blockchain-based application in China, dubbed ‘Cargo Release’, which was designed to speed up processing time by removing paper and storing data on the blockchain.

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Around the same time, the GSBN was formed in October of last year, two of the largest container carriers in the world in CMA CGM and MSC Mediterranean Shipping Company. announced full integration on IBM and Maersk’s TradeLens blockchain platform.

The competing platform offers supply chain digitization services, and integration with CMA CGM and MSC has enabled data from almost half of the world’s container ocean freight to be routed to the TradeLens network.