Shipping and Port Companies Join CargoSmart Blockchain Initiative

CargoSmart has executed agreements with CMA CGM, COSCO, COSCO Shipping Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA and Shanghai International Port Group to support the establishment of the Global Shipping Business Network (GSBN), a not-for-profit joint venture to provide a platform for all shipping supply chain participants to work collaboratively to facilitate the seamless sharing of documents and data across all stages of the shipping lifecycle.

Based on blockchain technology, it aims to increase the speed of data integration and improve business performance, allow data owners to share immutable records to other shipment stakeholders, and establish an industry-wide common, trusted and expansive digital model.

Earlier this month, Hapag-Lloyd and ONE announced they will join TradeLens, an alternative blockchain-enabled digital shipping platform, jointly developed by Maersk and IBM.