GSBN collaborates with COSCO SHIPPING, OOCL & SICIT to enhance safe transportation of chemical cargo
Global Shipping Business Network (GSBN), an independent, not-for-profit technology consortium building a blockchain-enabled operating system designed to redefine global trade, today announces its collaboration with COSCO SHIPPING Lines (COSCO SHIPPING), Orient Overseas Container Line (OOCL), and the Shanghai Research Institute of Chemical Industry Testing Co., Ltd (SICIT), to improve the safe transportation of chemical cargo by harnessing blockchain technology, according to GSBN's release.
Together, the four companies have leveraged blockchain technology to achieve an industry first proof-of-concept that helps enhance transportation safety in the shipping industry. As industry best practice, special cargo with designated goods, such as chemicals and lithium batteries, should be certified as safe to transport before they are handed over to logistics and shipping companies for export. This is important because carriers will manage the transportation based on the corresponding certification to mitigate the risk of potential accidents and protect crew.
For exports from China, SICIT is one of the main organisations authorised to test and issue safe transportation certificates. Traditionally, shippers would collect the certificate from an accreditation body and provide the document either as a hard copy or as a scanned copy to the carriers. However, for the carriers and subsequent transportation companies in the supply chain, certificates shared in this form can be hard to verify, thus carrying risks such as mislabelling and fraud.
By harnessing GSBN’s blockchain-enabled platform, a new streamlined process has been designed to ensure that safe transportation certificates and the information they contain can be verified from the original source, and the information is accurate and reliable. To demonstrate this, the four named companies have been developed a successful proof-of-concept with shipper Midea, one of the largest electrical appliances manufacturers in the world. Over GSBN, both COSCO SHIPPING and OOCL will be able to verify certificates obtained by Midea for their cargo directly with SICIT.
GSBN’s secure, blockchain-enabled infrastructure ensures that the certificate data is immutable and structured, which can be verified as the single source of truth. This helps reduce human mistakes, enhance security of the cargo and accelerate the process overall. In the future, it can also facilitate the advancement in automated verification, as well as the circulation of reliable certificate data stored on the blockchain among multiple parties.
With IoT (Internet of Things) technology increasingly being integrated into shipping, the data generated from connected devices can further be utilised to provide real-time visibility and traceability. The combined capabilities of different technological solutions deployed will ultimately help drive the enhancement of transportation safety.
Incorporated in Hong Kong, the Global Shipping Business Network (GSBN) is an independent, not-for-profit technology consortium to build a blockchain-enabled operating system to redefine global trade. The platform facilitates trusted collaboration between disparate and competing market participants, as well as enabling greater efficiencies and resilience. It also aims to expand the global trade ecosystem by creating bridges to new market participants including banks, fintech companies and other consortia, while supporting the development of technology-driven innovation as the sector makes the leap to digital.
The consortium was first founded by 8 global leaders in the global shipping industry accounting for one in every three containers handled in the world.
Shanghai Research Institute of Chemical Industry Testing Co., Ltd (SICIT) was established on October 17, 2005, succeeding its predecessor, is the physical and chemical department of Shanghai Chemical Research Institute of the Ministry of Chemical Industry, founded in 1958.
Midea is one of the largest technology conglomerates in the world, focusing on five key pillars including Smart Home Business, Industrial Technologies, Building Technologies, Robotics & Automation and Digital Innovation Business.
