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Indiaexportnews.com

CargoSmart and major ports, carriers start converting to blockchain

  16.07.2019    

Hong Kong's CargoSmart announced the start up of Global Shipping Business Network (GSBN) Services Agreements with CMA CGM, Cosco Shipping Lines, Cosco Shipping Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, PSA International and Shanghai International Port Group.
Under these agreements, each signatory commits to provide resources to support preparatory work required to establish the GSBN, a not-for-profit joint venture to accelerate the digital transformation of the shipping industry, said the CargoSmart press release.
That preparatory work includes obtaining all necessary regulatory, competition and antitrust approvals required for the establishment of the GSBN. CargoSmart will provide software solutions and services to the GSBN once formed, it said.
Said CMA CGM vice president Rajesh Krishnamurthy: "The GSBN blockchain consortium provides us a concrete opportunity to bring greater value for our customers and the supply chain as a whole."
Said Hapag-Lloyd IT chief Martin Gnass: "GSBN will work to increase efficiency in cross-network operation for the benefit of stakeholders."
Said CargoSmart CEO Steve Siu: "CargoSmart is pleased to build a solid foundation for the digitisation of the shipping industry and the development of innovative solutions based on distributed ledger technology."



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