• Trevor Wetmore

Lines and stevedores reach blockchain agreement

Sourced from DCN - November 7, 2018

A GROUP of shipping lines and stevedores have signed a ‘declaration of intent’ to create a blockchain-based open platform named Global Shipping Business Network (GSBN).

The shipping lines involved are Yang Ming, CMA CGM, Cosco and OOCL along with stevedores DP World, Hutchison Ports, PSA International and Shanghai International Port Group.

The new platform is expected to help connect all stakeholders including ocean carriers, terminal operators, customs authorities, as well as shippers and logistics providers.

Initial plans of GSBN is to offer new applications to reform document processes of shipping management.

A prototype is expected to be available in December allowing shippers to digitise documents and proceed to automatically exchange data.

Complicated processes of documents are therefore expected to be simplified.

OOCL co-chief executive Andy Tung was quoted by international media as saying their vision was for “a truly open blockchain platform for the industry”.

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