Nine main terminal operators and shipping companies have signed a Memorandum of Understanding (MoU) to launch an open digital platform based on distributed ledger technology (DLP), The Maritime Executive, one of the main sources of the maritime and maritime sectors, on November 6 .
The MoU, aimed at forming a consortium for the development of a blockchain alliance of the maritime sector dubbed Global Shipping Business Network (GSBN), was signed by the world's leading shipping operators during the China International Import Expo in Shanghai on 6 November.
The article notes that the software solution for the global shipping network will be provided by CargoSmart, a company based in Hong Kong that specializes in shipping and logistics.
CargoSmart has launched the launch of the blockchain shipping alliance and the first application of the newly established global commercial network is scheduled for December 2018. The article notes:
"The first planned application will allow shippers to digitize and organize their dangerous goods documents and automatically connect with stakeholders to simplify the approval process."
This new blockchain alliance involves shipping giants such as PSA International, a Singapore-based company and one of the world's largest port operators, and Shanghai International Port Group, the leading port operator in China. Other participants include the French shipping group CMA CGM S.A and Yang Ming Marine Transport Corporation, an ocean-based shipping company based in Taiwan.
At the end of the summer, the Danish logistics and transport giant Maersk in collaboration with IBM had also launched a global blockchain-enabled platform involving 94 organizations for shipping and logistics solutions, Cointelegraph reported on 9 August.