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Global Shipping Business Network officially launches operations in Hong Kong

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Global Shipping Business Network (GSBN) has been incorporated in Hong Kong and has officially started its operations with an aim accelerate the digital transformation of the shipping industry.

GSBN plans to enable and accelerate the digital transformation of the shipping industry, through the setup of a secure Data Exchange Platform and enable the shipping industry to improve its resilience.

Martin Gnass, Managing Director IT of Hapag-Lloyd said, “The foundation of GSBN symbolises an important milestone towards establishing an industry-wide, secure, digital collaboration platform that aims to benefit all parties in the global supply chain. GSBN will accelerate the sharing of verified logistics and cargo data, streamline business operations across the whole supply chain, and create value to each stakeholder.”

Leveraging blockchain technology, GSBN will provide a platform, which enables its users to exchange first party, real-time, and trusted logistics data. The platform also has strong data governance to ensure that only authorised parties are granted access rights to view and use the data.

In the future, GSBN will establish a framework with all stakeholders to share the benefit derived from data products built on top of the platform using their data.

Ho Ghim Siew, Head of Group Commercial, strategy and cargo Solutions, PSA International, said “The ability to collaborate in a trusted and secure manner is key for us to fully realise the opportunities from our increasingly digital and interdependent world. The GSBN platform will allow stakeholders and industry players to share timely information to facilitate downstream transactions and activities, with the assurance that their data is protected by strong data governance structures.”

During the preparatory phase of GSBN, the founding members have conducted various proofs of concept in China and Southeast Asia to demonstrate the value of products built on top of the platform. As a result, GSBN intends to pursue the deployment of "Cargo Release" as its first product. 

According to GSBN the product was very well received by a wide range of customers at initial pilot stage as it allowed a “no touch” process for a traditionally very manual and time consuming cargo release process, especially during the spread of Covid-19 pandemic.

GSBN also intends to establish network for connection with trade finance to provide a better user experience for the ultimate customer.

“We are excited to share with our partners our experience with innovative blockchain-based products. Such digital products have helped our customers cut down their costs as they incorporate them into their existing processes. Kenny Ye, Deputy Managing Director of Cosco Shipping Lines and COO of OOCL said.

GSBN has been established on a not-for-profit basis and its shareholders are Cosco Shipping Lines, Cosco Shipping Ports, Hapag-Lloyd, Hutchison Ports, OOCL, SPG Qingdao Port, PSA International and Shanghai International Port Group.