Global Shipping Business Network (GSBN), a Hong Kong-based technology consortium, has launched Cargo Release, its first blockchain-enabled service in China.
Cargo Release uses blockchain technology to provide a paperless, transparent solution that connects all parties involved in the import process, including shipping lines, consignees, their agents, and terminals.
GSBN said by eliminating the need for paper, simplifies data exchange and shortens operation time among parties with real-time updates, cutting the time for cargo to be ready for release from days to a matter of hours.
It noted that the rollout is timely given the current strong demand and pressure on supply chains.
Other expansions eyed
GSBN said Cargo Release has already been deployed in shipping lines Cosco, OOCL, and SIPG, while Hapag-Lloyd is also set to participate in a pilot by Q3 2021.
“Like the early days of cloud technology, the shipping industry is on the cusp of an exciting revolution where major efficiencies will be unlocked, and significant value will be created. This announcement is a milestone for global trade as this sector steps into the next digital era,” said Bertrand Chen, CEO at GSBN.
“The deployment of Cargo Release in China is of major significance as one of the most important markets for import and export in the world. This is just the beginning as we scale up and launch into new markets later in the year,” he added.
GSBN is jointly established by Cosco Shipping Lines, Cosco Shipping Ports, Hapag-Lloyd, Hutchison Ports, OOCL, SPG Qingdao Port, PSA International, and Shanghai International Port Group.
Meanwhile, blockchain technology is part of China’s efforts to digitally upgrade its various industries including the logistics and supply chain sectors.