Ocean Alliance, Yang Ming launch new blockchain platform

The four-member Ocean Alliance and Yang Ming have teamed up to establish a global blockchain-based open platform to simplify and expedite cargo and data flows.

Members of Ocean Alliance – CMA CGM, Cosco Shipping Lines, Evergreen Marine, Orient Overseas Container Line (OOCL) – and Yang Ming have signed a declaration of intent with CargoSmart to form a consortium named Global Shipping Business Network (GSBN), the blockchain platform.

Alongside the five carriers, terminal operators DP World, Hutchison Ports, PSA International and Shanghai International Port Group also participated in the project.

CargoSmart will provide the blockchain software that aims to connect all stakeholders including ocean carriers, terminal operators, customs authorities, shippers and logistics providers to realise collaborative innovation and digital transformation in the supply chain.

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 digitise 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.

Read more: Maersk, IBM launch TradeLens blockchain platform with 94 signed up

The new GSBN follows closely after the announcement on the launch of TradeLens, a blockchain platform jointly developed by AP Moller-Maersk and IBM.

The open standard platform for trading and supply chains has 94 organisations signed up including key port players such as Port of Rotterdam, PSA Singapore, International Container Terminal Services Inc (ICTSI) and Hong Kong’s Modern Terminals.

Posted 07 November 2018

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Lee Hong Liang

Asia Correspondent