The Global Shipping Business Network (GSBN) has begun the rollout of its first application Cargo Release starting in China, following the consortium’s incorporation earlier this year.
GBSN is the world’s first independent, not-for-profit technology consortium to build a blockchain-enabled operating system designed to redefine global trade.
Bertrand Chen, CEO of GSBN, said: “Like the early days of cloud technology, the shipping industry is on the cusp of an exciting revolution where the major efficiencies will be unlocked, and significant value will be created. This announcement is a milestone for global trade as this sector steps into the next digital era.”
Cargo Release offers a paperless, highly efficient, and transparent solution connecting everyone involved at port of import including shipping lines, consignees, their agents, and terminals.
Eliminating the need for paper, the system simplifies data exchange and shortens operation time among parties with real-time updates – cutting the time for cargo to be document ready for release from days to a matter of hours.
Cargo Release has already been deployed in the real world by industry leaders COSCO SHIPPING Lines, OOCL and SIPG. Hapag-Lloyd will also participate with a pilot in Q3 2021.
Chen added: “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.”
Integration, innovation and cutting-edge technologies are fundamental to the future of trade in China, and the adoption of blockchain technology is part of the country’s push to digitally upgrade its industries and supply chains.
The Ministry of Transport of the People’s Republic of China has already rolled out its ‘Chang Xing Programme’ to digitalise its country’s ports and shipping industry in collaboration with carriers and members of GSBN such as COSCO Shipping Lines, OOCL and Hapag-Lloyd.
Juliana See, managing director area greater China of Hapag-Lloyd (China) Shipping Ltd., said: “We are delighted be a part of China’s drive to further automate its logistics and supply chains.
“GSBN and the roll out of Cargo Release reflects the window of opportunity for the shipping industry to make the digital leap into a new era of global trade.”