
An association Founded by Eight International Shipping Companies Launches New Blockchain Platform
The association was founded with the aim to improve collaboration and transparency between the various members of the global shipping ecosystem
By
CIO Applications Europe | Tuesday, October 26, 2021

The association was founded with the aim to improve collaboration and transparency between the various members of the global shipping ecosystem.
FREMONT, CA: The Global Shipping Business Network (GSBN), an independent nonprofit consortium, was established with the aim to improve collaboration in the global trade ecosystem using contemporary technologies. Cosco Shipping Lines, OOCL, SPG Qingdao Port, Cosco Shipping Ports, Hapag-Hutchison Ports, Shanghai International Port, and PSA International, together form the organization, which account for or a third of the world's containers.
GSBN's blockchain-based operating system was developed in collaboration with Oracle and Microsoft as well as China's AntChain and Alibaba Group. The group believes that the deployment of blockchain technology will improve collaboration between disparate and competing market players. It aims to improve the sharing of verified logistic data amongst players and help them streamline their operations across various supply chains.
Stay ahead of the industry with exclusive feature stories on the top companies, expert insights and the latest news delivered straight to your inbox. Subscribe today.
While Oracle built its blockchain network, Microsoft Azure was selected to build the platform layer for its highly scalable and secure functionalities. AntChain and Alibaba Cloud were selected to improve the development of the platform in the Chinese market. IQAX, a global shipping tech company, will be GSBN's tech partner responsible for the seamless operation of the platform. The data stored in the platform will be highly encrypted before it is shared among entities, hence the data could not be accessed without authorization from the members of the association. CEO and former CK Hutchinson Data scientist Bertrand Chen will be heading GSBN, who has previously worked in various Wallstreet firms for over a decade. Alicia Lee and Edmund To are the COO and CTO, respectively.
The organization was found amidst the report that China witnessed record-high levels of trade last month, despite the crisis faced by the global shipping ecosystem, that caused the shipping costs to skyrocket. The country's exports also increased by 25% compared to August 2020, while the imports steadily increased.
More in News
Weekly Brief
I agree We use cookies on this website to enhance your user experience. By clicking any link on this page you are giving your consent for us to set cookies. More info
Be first to read the latest tech news, Industry Leader's Insights, and CIO interviews of medium and large enterprises exclusively from CIO Applications Europe
THANK YOU FOR SUBSCRIBING


