Shipping giants create blockchain platform to enhance global trade

Eight international shipping giants have come together to launch a new blockchain platform in a bid to revolutionise global trade.

The Global Shipping Business Network (GSBN) is an independent, not-for-profit tech consortium that aims to enhance collaboration in the global trade ecosystem using blockchain technology.

The Hong Kong-based network was founded by shipping giants Cosco Shipping Lines, Cosco Shippings Ports, Hapag-Lloyd, Hutchison Ports, OOCL, SPG Qingdao Port, PSA International and Shanghai International Port Group. Together, GSBN said, they account for a third of the world’s containers.

GSBN’s operating system was built in collaboration with US software giants Oracle and Microsoft as well as Chinese software companies AntChain and Alibaba Cloud. The group said that blockchain technology will help it to enable collaboration between “disparate and often competing market participants”.

While Oracle built the operating system’s underlying blockchain network, Microsoft Azure was chosen to build the platform layer for its “high scalability, functionality and security”.

Meanwhile, AntChain, the blockchain branch of China’s Ant Group, and Alibaba Cloud were selected to lead the platform’s development for the Chinese market. Shipping tech company IQAX will be GSBN’s technology partner responsible for operating the platform.

“To ensure the control of data by GSBN members, data is encrypted before it is sent to the GSBN platform, hence, GSBN cannot see the data without the members’ authorisation,” the consortium stated on its website.

GSBN is headed by CEO and former CK Hutchinson data scientist Bertrand Chen, who worked in various Wall Street firms for more than a decade. Other members of the executive team include COO Alicia Lee and CTO Edmund To.

The move comes amid reports that China has hit record levels of trade last month despite a global shipping crisis causing costs to skyrocket.

Exports jumped up by 25.6pc compared to August last year, while imports increased by a third over the same period, according to customs statistics seen by CNN.

The post Shipping giants create blockchain platform to enhance global trade appeared first on Silicon Republic.

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