Shipping consortium Global Shipping Business Network (GSBN) announced on the 9th the launching of a new blockchain-based platform that monitors document issuance, clearance, and logistics data, among other data sets, for the global trade sector.
GSBM is a non-profit organization that was established in October 2020 by eight global national freight maritime cargo companies. The aim was to build a platform that enhances the global trade ecosystem by digitizing the shipping processes.
IT giants including Oracle, Microsoft, AntChain, and Alibaba Cloud were involved in the development of the project.
With one of the world’s largest cargo companies involved in the project, at least one-third of the data on all containers in world transport will be managed on the blockchain platform.
Specifically, processes such as document issuance, port entry/exit, and distribution data will be digitized and managed on the consortium blockchain. In the long term, the independent organization aims to attract more countries and regions, as well as banks and fintech companies, and promote digitalization (DX) of the logistics industry.
Explaining the process of the platform, the company noted:
“As an independent consortium, it chose a best-of-breed approach to technology to ensure the infrastructure is strong, reliable and highly scalable. 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 press release also highlighted the role of each partnered company in creating the platform.
Oracle was used for its blockchain network for the global logistics data management system. To add a platform layer, the consortium selected Microsoft Azure Southeast Asia Region in Singapore to ensure ability, functionality, and security.
Additionally, Ant Group’s AntChain and Alibaba Cloud, operated by the Ant Group under Alibaba, were selected to deploy its blockchain platform in China.