Nine ocean carriers and terminal operators have signed a memorandum of understanding to form a consortium to develop an open digital platform based on distributed ledger technology.
The proposed Global Shipping Business Network (GSBN) would be a direct competitor to the TradeLens blockchain unveiled by Maersk and IBM in January and in operation since August, with 94 organizations already participating.
Industry publication The Maritime Executive reported those developing GSBN include ocean carriers CMA CGM, Cosco Shipping Lines, Evergreen Marine, OOCL, and Yang Ming; terminal operators DP World, Hutchison Ports, PSA International and Shanghai International Port; and software company CargoSmart.
The first planned application of the blockchain will allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process. The application is scheduled to be available in December, according to The Maritime Executive.