Eight major shipping companies will use blockchain to track cargo – Bits Media

Eight international shipping companies form the Global Shipping Business Network consortium and launch a blockchain-based supply chain tracking platform.

Global Shipping Business Network (GSBN) - an independent consortium, founded by the shipping giants Cosco Shipping Lines, Cosco Shippings Ports, Hapag-Lloyd, Hutchison Ports, OOCL, SPG Qingdao Port, PSA International и Shanghai International Port Group. These companies account for a third of the world's cargo transportation.

The consortium's task is, to simplify the interaction of shipping companies with other participants in the supply chain using blockchain. The GSBN platform will help create conditions for cooperation even for competing market participants, developers said.

According to the GSBN website, the platform operates on a controlled blockchain. Data will be encrypted before being sent to the platform, and only authorized parties can view them, have received the permission of the participants in the system.

The platform is designed for operators of container terminals, shippers, freight forwarders, cargo transporters, customs services and any interested financial institutions.

Consortium partners with US software maker Oracle, as well as with Chinese software developers AntChain and Alibaba Cloud to deploy the platform in the Chinese market. Besides, GSBN uses the Microsoft Azure cloud service.

Earlier this year, GSBN selected IQAX as a technology partner to develop a blockchain-based platform. Shanghai-based freighter Cosco Shipping tested corporate blockchain Ant Financial last year, to improve the efficiency of logistics operations.