What is The Maritime Executive Blockchain Platform and Global Shipping Business Network (GSBN)

Though there are many partnerships in the crypto and blockchain industries, there may not be one as significant as the recent collaboration between nine major terminal operators and shipping companies.

This collaboration, which involves a Memorandum of Understanding, is using distributed ledger technology to form The Maritime Executive. This source will ultimately provide users with both marine and maritime news, according to reports on November 6th.

In this alliance, the entities included are:

  • CMA CGM
  • COSCO SHIPPING Lines
  • Evergreen Marine
  • Orient Overseas Container Line Ltd (OOCL)
  • Yang Ming
  • DP World
  • Hutchison Ports
  • PSA International Pte Ltd
  • Shanghai International Port

The goal of the MoU is to establish an alliance between prominent members of the shipping industry in a group that is being called the Global Shipping Business Network (GSBN). It was signed at the China International Import Expo in Shanghai by some of the leading shipping operators in the world. To ensure that the particular software matches their needs, they have employed the help of a Hong Kong shipping and logistics company called CargoSmart.

CargoSmart was responsible for initiating the alliance. In the press release, which includes a Q&A from the press on November 6th, CargoSmart addresses the launch date, saying,

“The first planned application will allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process.”

Consumers can view the application by the end of the year. The participants in this consortium seem to have an optimistic outlook of what it will bring and how it will change the shipping industry. For instance, Andy Tung of the OCCL said,

“With the vision of a truly open blockchain platform for the industry, the GSBN will be key to the success of establishing a sustainable blockchain ecosystem for all stakeholders in the supply chain. OOCL is very excited to be a part of this highly collaborative environment that can facilitate the cross-pollination of ideas towards even more innovative business models and solutions for our customers.”

CargoSmart’s CEO, Steve Siu, added, “We are pleased to provide an industry-wide forum for collaboration based on blockchain technologies to transform the shipping and logistics industry and elevate supply chain processes.”

The full CargoSmart press release can be viewed at https://www.cargosmart.ai/media/filer_public/89/d7/89d7d22f-284b-4604-af75-292fa38766de/press_qa_cargosmart_gsbn_consortium.pdf.

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Krystle M
Krystle is an American cryptocurrency blogger that wants to see the future of crypto and blockchain technology evolve. She has been writing about cryptocurrency for about a year, with a special interest in blockchain technology and regulatory measures around the world. While away from writing and learning about the changes in the cryptocurrency industry, she likes to indulge in science fiction novels and further her experience in playing both guitar and piano.

[Alert] Use the author's self-conducted information at your own risk, do you own research, never invest more than you are willing to lose.

[Disclosure] The published news and content on BitcoinExchangeGuide should never be used or taken as financial investment advice. Understand trading cryptocurrencies is a very high-risk activity which can result in significant losses. Editorial Policy \\ Investment Disclaimer

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