Shipping Consortium Rolls Out Blockchain-powered Global Trade Platform

Global Shipping Business Network (GSBN) has rolled out its blockchain-powered platform built in partnership with Oracle, Microsoft, AntChain and Alibaba Cloud to accelerate digital transformation in the global trade sector. The platform will enable modern, efficient and global trade.

Hong-Kong-based GSBN is an independent, not-for-profit technology consortium to build a blockchain-enabled operating system designed to redefine global trade by speeding up document processing and storing data on blockchain.

The technology consortium was founded by eight global shipping lines and terminal operators who account for one in every three containers handled in the world. These include Cosco Shipping Lines, Cosco Shipping Ports, Hapag-Lloyd, Hutchison Ports, OOCL, SPG Qingdao Port, PSA International, and Shanghai International Port Group.

The platform aims to expand the global trade ecosystem by creating bridges to new market participants including banks, fintech companies and other consortia.

On the platform, GSBN members are in complete control of data as it is encrypted before it is sent to the GSBN platform and GSBN cannot see the data without the members’ authorization. The platform will provide real-time data sharing among authorized parties for more transparent end-to-end supply chain visibility.

To build the underlying blockchain network for its global trade operating system, GSBN partnered with Oracle to harness its Oracle Blockchain platform in Oracle Cloud, which is among the leading distributed ledger platforms for building an enterprise-grade, permissioned blockchain.

By using blockchain technology, GSBN is able to enable collaboration between disparate and often competing market participants. For the platform layer, GSBN chose to harness Microsoft Azure for its high scalability, functionality and security as well as high service reliability and availability.

For deployment in China, GSBN selected Ant Group’s AntChain, which is supported by Alibaba Cloud. With its blockchain, secure computing, IoT and other innovative technologies, AntChain provides an enterprise-grade, efficient and reliable platform, and is among the top-ranked provider in the Blockchain-as-a-Service market of China in 2020.

Earlier this year, GSBN had announced the selection of IQAX as the technology partner to develop and operate the blockchain platform for the digitalization of the shipping and logistics ecosystem for transparency.

Business News