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CargoSmart Leads Global Shipping Consortium Formation Built on Blockchain Technology

Mary Hall
Director, Oracle Blockchain Product Marketing
This is a syndicated post, view the original post here

Oracle Blockchain customer CargoSmart has announced the formation of a Global Shipping Business Network consortium to connect and enable collaboration among carriers, terminals, shippers, and forwarders throughout the supply chain.  Nine leading ocean carriers and terminal operators have signed a formal statement of intent for a Memorandum of Understanding (MOU) to form a consortium to develop the Global Shipping Business Network (GSBN), an open digital platform based on distributed ledger technology. The participants include ocean carriers CMA CGM, COSCO SHIPPING Lines, Evergreen Marine, OOCL, and Yang Ming; terminal operators DP World, Hutchison Ports, PSA International Pte Ltd, and Shanghai International Port; and software solutions provider CargoSmart.


Pictured: Members of the Global Shipping Business Network

According to CargoSmart CEO, Steve Siu, “Blockchain facilitates the idea of a consortium, so we invite shippers, forwarders, carriers and terminals to be involved. From this standard body, we’ll have a platform to collaborate in the industry. Then we would invite the whole industry to participate in specific subjects so we would be able to build applications.”

Using Blockchain technology, members of the Global Shipping Business Network (GSBN) will be able to use shared data to resolve what were previously siloed shipment data and management procedures.

“It all comes down to trust and transparency. A peer-to-peer immutable distributed ledger provides near real-time insights. This unprecedented transparency will restore trust in the industry,” notes Steve Siu, CEO of CargoSmart.

Pictured: CargoSmart CEO Steve Siu at the World Shipping Summit explaining the design principles of the GSBN.

The GSBN platform will create a single source of truth for the shipping industry with the following benefits based on blockchain technology:
•    Open and Extensible – A cooperative network enables members to develop applications and connect to other consortium networks to increase the speed of data integration and improve business performance.
•    Transparency and Instant Validation – Peer-to-peer networking allows data owners to share immutable records to other shipment stakeholders, enabling them to take quick action regarding critical milestones and to keep cargo moving throughout the supply chain.
•    Digital Baseline for Standards – An industry-wide common, trusted, and expansive digital model provides a foundation for highly collaborative initiatives and market intelligence.  

The first planned application of the GSBN will allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process. The application is scheduled to be available in December 2018. The consortium was announced at the China International Import Expo in Shanghai on November 6, 2018  For more details on the GSBN, read the post on the CargoSmart blog.    
To learn more about how CargoSmart is transforming the shipping industry with Oracle Blockchain, watch the video below.


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