Global shipping Business Network (GSBN) has officially rolled out its first application Cargo Release in a move to modernise and improve global trade efficiency.
Cargo Release is a platform that harnesses blockchain technology and offers a paperless solution that connects workers at the port of import, including agents, consignees, shipping lines, and terminals.
The Hong Kong-incorporated consortium has adopted the technology as part of China’s push to digitalise its logistics and supply chains.
The consortium was first founded by 8 global shipping lines and terminal operators accounting for one in every three containers handled in the world to build the data infrastructure needed to enable modern, efficient and global trade.
Bertrand Chen, CEO at GSBN, says the announcement is a milestone for global trade as the sector steps into the next digital era.
“Like the early days of cloud technology, the shipping industry is on the cusp of an exciting revolution where major efficiencies will be unlocked, and significant value will be created,” he says.
Cargo Release has been deployed by several industry-leading shippers, including Cosco Shipping Lines, OOCL, and SIPG.
“The deployment of Cargo Release in China is of major significance as one of the most important markets for import and export in the world. This is just the beginning as we scale up and launch into new markets later in the year,” Bertrand says.
For more information on GSBN, click here.