Once all regulatory approvals have been obtained and the GSBN is formed, it will lead the development of innovative applications to create value to stakeholders in the supply chain.

In preparation for the establishment of the GSBN, CargoSmart has carried out several proof-of-concepts (PoC) to validate opportunities to generate value for the participants in the GSBN. One example is the PoC with eTradeConnect^, the trade finance blockchain consortium facilitated by the Hong Kong Monetary Authority (HKMA).

The PoC proved that the GSBN and its associated technologies will be able to bring actual benefits to the industry. It also demonstrated how the GSBN’s unique combination of carriers and terminal operators can provide a more balanced perspective, bringing up new ideas to transform the industry by going beyond the conventional carrier-centric business model.

The GSBN will be established as a not-for-profit organization that operates and facilitates a secure and trusted data exchange platform for all stakeholders along the supply chain. The consortium will nurture community participation and introduce a wide range of services and applications to streamline operation processes and overall efficiency. To support this vision, CargoSmart will be the technology solutions provider and platform operator for the GSBN.

Martin Gnass, Managing Director IT of Hapag-Lloyd, commented on the occasion:

The signed shareholders’ agreement symbolizes an important milestone towards securing an industry-wide secured digital collaboration platform that aims to benefit all parties in the global supply chain. We expect the trusted blockchain platform will accelerate the sharing of verified logistics and cargo data, streamline business operations across the whole supply chain, and create value to each stakeholder

In addition, Ding Songbing, Manager of Strategy & Research Department of SIPG, said that existing data exchange and practices in the shipping industry do not adequately address all terminal operational details, leading to missed opportunities to improve overall efficiency. With terminal operators being founding members of the blockchain platform, SIPG believes the GSBN will capitalize on new and existing opportunities on the terminal side and expedite digital transformation in the industry.