Yang Ming and CargoSmart sign declaration on the establishment of blockchain collaboration
On November 6th, 2018, Yang Ming Marine Transport Corp.(Yang Ming) together with 4 other ocean carriers and terminal operators signed a Declaration of Intent with CargoSmart Limited on the formation of a consortium to establish Global Shipping Business Network (GSBN), a blockchain-based open platform.
Alongside with Yang Ming and CargoSmart, CMA CGM, COSCO SHIPPING Lines Co., Ltd (COSCO), Evergreen Marine Corp, Orient Overseas Container Line (OOCL) and terminal operators DP World, Hutchinson Ports, PSA International Pte Ltd and Shanghai International Port Group also participated in the project. The new platform, an ecosystem for the shipping community, will connect all stakeholders including ocean carriers, terminal operators, customs authorities, shippers and logistics providers to realize collaborative innovation and digital transformation in the supply chain.
The characteristics of shipping industry include various processes of physical distribution and cross-border data exchange. They have been trying to develop new technology to address the issues of international shipping processes and mass data sharing. The consortium will provide a platform to enhance the processes in supply chain and seek for opportunities to make improvement. The 9 leading enterprises aim to join forces to build standards of the platform with seamless connection to enable sharing and exchange of important data and information in a timely and correct manner. The goal is to enhance cargo and data flows and expedite the transformation of global trade and logistics ecosystems.
The initial plans of GSBN is to offer new applications to reform document processes of shipping management, including documents related to hazardous cargo, invoicing and cargo release. The first prototype will be available in December and allow shippers to digitize their documents and proceed to automatically exchange data with relevant parties in the supply chain, and as a result simplify the complicated processes of documents and expedite the delivery of goods.