A consortium founded by eight international shipping giants wants to revolutionize the shipping process by launching a blockchain platform.
Global Shipping Business Network (GSBN) was founded in 2020, and it is now aiming to digitalize global trading. The consortium was created by eight national freight maritime cargo companies. They control one-third of shipping containers of the world and are about to change the industry through blockchain technology.
“To ensure the control of data by GSBN members, data is encrypted before it is sent to the GSBN platform, hence, GSBN cannot see the data without the members’ authorisation.”
The consortium based in Hong Kong is collaborating with Oracle, Microsoft, AntChain, and Alibaba Cloud. These companies will help GSBN to launch the new service as soon as possible. The digitalization of shipping processes such as document issuance, transparency, and logistics data, will ensure safety and openness.
“To build the underlying blockchain network for its global trade operating system, GSBN partnered with Oracle to harness its Oracle Blockchain platform in Oracle Cloud, which is recognised as one of the leading distributed ledger platforms for building an enterprise-grade, permissioned blockchain.”
To make sure that data is controlled by the Global Shipping Business Network, everything will be encrypted before being delivered to the new platform. Members of the consortium will be able to access information, but only if authorized.
“By using blockchain technology, GSBN is able to enable collaboration between disparate and often competing market participants. For the platform layer, GSBN chose to harness Microsoft Azure Southeast Asia Region in Singapore for its high scalability, functionality and security. Furthermore, Azure’s Availability Zones ensure high service reliability and availability.”
This is not the first time the GSBN launches a blockchain-based feature. In October 2020 “Cargo Release” was introduced. The platform was created to remove the paperwork and registering everything on the blockchain. The new process helped to accelerate processing time and simplify data recording.