Today, the Global Shipping Business Network (GSBN) announced the rollout of Cargo Release, a blockchain-enabled application that eliminates paper documentation in maritime trade processes. This is GSBN’s first application since the consortium’s incorporation as a nonprofit in Hong Kong in March this year.
GSBN is a blockchain shipping network formed to digitalize maritime trade, with technology provided by CargoSmart. It competes directly with IBM and Maersk’s TradeLens. GSBN’s founding shareholders include COSCO SHIPPING LINES (COSCO), Hapag-Lloyd, Hutchison Ports, and the Shanghai International Port Group (SIPG).
The application has already been deployed by COSCO and SIPG following a pilot in December 2019 with Tesla. Hapag-Lloyd will also participate in a pilot in Q3 this year.
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