COSCO SHIPPING SPE JOINS GSBN

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COSCO Shipping SPE has joined the blockchain-based Global Shipping Business Network (GSBN), effective June 1, 2022.

The integration of the digital shipping platform from COSCO Shipping SPE with GSBN’s blockchain platform will provide data and resource exchanges amongst all the partners and build the infrastructure needed to facilitate modern and efficient global trade through data exchange solutions.

The process works through control of data exchange by GSBN members, whereby information is encrypted before it is sent to the GSBN platform, and as a result GSBN cannot see the data without the members’ authorisation.

As such, it will help generate better digital solutions that comprehensively simplify operations across the entire supply chain, with mutually beneficial results for all stakeholders and members.

Indeed, GSBN has stated that by using blockchain technology it is “able to enable collaboration between disparate and often competing market participants.”

GSBN is a not-for-profit partnership established in September 2021 by a group of terminal operators and shipping lines (Hapag-Lloyd, Hutchison Ports, OOCL, SPG Qingdao Port, PSA International and Shanghai International Port Group) that is working in conjunction with Oracle, Microsoft, AntChain and Alibaba Cloud.