Under these agreements, each signatory pledges to provide resources to support preparatory work necessary to establish the GSBN, a not-for-profit joint venture to boost the digital transformation of the shipping industry.

That preparatory work aim to obtain all necessary regulatory, competition and antitrust approvals for the establishment of the GSBN. CargoSmart will provide software solutions and services to the GSBN when it is created.

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GSBN aspires to provide a platform for all shipping supply chain participants to cooperate on accelerating technology innovation and develop solutions through trusted and secure data exchange platforms.

The signatories believe that the GSBN can unlock significant value and create new opportunities for all shipping supply chain participants in a more open and transparent way. While the current signatories are shipping lines and terminal operators, other participants in the shipping industry may also want to take part in the GSBN or otherwise benefit from the solutions it develops.

In line with our Customer Centric and Digital First approach, the CMA CGM Group is committed to facilitate increased transparency and to spur innovation with the entire supply chain ecosystem. The GSBN blockchain consortium provides us a concrete opportunity to bring greater value for our customers and the supply chain as a whole

stated Rajesh Krishnamurthy, Executive Vice President - IT & Transformations, CMA CGM Group.

GSBN's data platform will aim to achieve a balance between the interests of data providers and data users, and recognize the value that data providers bring to the development of technology solutions. In fact, GSBN signatories plan to establish strong data management and governance frameworks that will apply once the GSBN is established.

Once established, GSBN will provide shipment visibility and transparency through a data source. What is more, it will consider developing a roadmap of use cases, data access APIs and applications.

The signatories of the GSBN Services Agreements plan to finalize the establishment of the GSBN in early 2020, subject to obtaining all necessary anti-trust, competition and regulatory approvals. In the meantime, under the process of preparing for the formation of the GSBN, CargoSmart will run pilot applications that test the viability of the GSBN and the possibility for the GSBN to offer new value to all supply chain participants.