CargoSmart Limited, a leading logistics technology solutions provider, announced that nine industry-leading ocean carriers and terminal operators, namely CMA CGM, COSCO SHIPPING LINES (COSCO), COSCO SHIPPING Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group (SIPG), have signed a shareholders’ agreement in the proposed Global Shipping Business Network (GSBN).

* COSCO SHIPPING LINES and COSCO SHIPPING PORTS

The new agreement demonstrates commitment by GSBN shareholders to the project and a significant milestone in the blockchain group’s official establishment. GSBN will develop innovative applications to create value to stakeholders in the supply chain.

GSBN will be established as a not-for-profit organisation that operates and facilitates a secure and trusted data exchange platform for all stakeholders throughout the supply chain. The consortium will nurture community participation and introduce a wide range of innovative services and applications to streamline operational processes and overall efficiency. CargoSmart will be the technology solutions provider and platform operator for the GSBN.

The agreement signed on February 27, followed completion of blockchain proof-of-concepts (PoC) with eTradeConnect facilitated by the Hong Kong Monetary Authority in November 2019 (to learn more) proves that the GSBN and its associated technologies will be able to bring real benefits to the industry. The network’s unique combination of carriers and terminal operators provides a balanced perspective, generating new ideas to transform the industry by going beyond the conventional carrier-centric business model.

CargoSmart has recently announced that it conducted a pilot project with COSCO, SIPG and Tesla, Inc. for a new application to transform the cargo release process. It is among the first pilot projects with an ocean carrier conducting a real-time exchange of shipment data with a terminal operator through blockchain. Such an application will undoubtedly accelerate the digitalisation of shipping industry processes and the further optimisation of currently stressed global supply chains. The application will be further developed for participants of the GSBN blockchain consortium, once it is officially established. (to learn more)