Global Shipping Business Network introduces blockchain solution in China

Hong Kong-based technology consortium Global Shipping Business Network (GSBN) has launched its first blockchain-enabled application, Cargo Release, in China.

Cargo Release uses blockchain technology and offers a paperless, transparent solution that connects all parties involved in the import port, including shipping companies, consignees, their agents and terminals. By eliminating the need for paper, it simplifies data exchange and reduces uptime between parties with real-time updates, reducing the time it takes to release cargo from days to hours, explained GSBN.

In view of the current high demand and the pressure on the supply chains, the rollout is coming very quickly. Cargo Release has been used in the real world by industry leaders Cosco Shipping Lines, OOCL and SIPG. Hapag-Lloyd will also take part in a pilot project in the third quarter of 2021.

Bertrand Chen, CEO of GSBN, said, “As in the early days of cloud technology, the shipping industry is on the cusp of an exciting revolution that will unleash great efficiencies and create significant value. This announcement marks a milestone for world trade as it moves into the next digital age. The use of Cargo Release in China is of great importance as one of the most important import and export markets worldwide. This is just the beginning as we will scale and enter new markets later in the year. “

The introduction of blockchain technology is part of China’s efforts to digitally upgrade its industries, including logistics and supply chains. The country’s Ministry of Transport is already introducing its Chang-Xing program to digitize the port and shipping industries in cooperation with freight forwarders and members of the GSBN.

GSBN is jointly founded by major shipping companies and terminal operators, including Cosco Shipping Lines, Cosco Shipping Ports, Hapag-Lloyd, Hutchison Ports, OOCL, SPG Qingdao Port, PSA International and Shanghai International Port Group.

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