Today the Global Shipping Business Network (GSBN) announced that Ocean Network Express (ONE) is the latest container carrier to join the blockchain network. COSCO SHIPPING LINES, COSCO-owned OOCL and Hapag Lloyd were founding investors of GSBN. ONE is the latest new carrier to join GSBN since its incorporation two years ago, with five major port operators also investing at that stage.
GSBN confirmed that ONE has not invested in the company, it is a user of the network.
“The shipping industry is at a critical moment in time where digitalisation has the potential to enable a quantum leap,” said Bertrand Chen, CEO at GSBN. “What’s needed to make this a success is trusted collaboration.”
ONE – the world’s sixth largest container shipper – signed up to GSBN after testing its paperless cargo release offering with one of its customers. Typically releasing cargo on arrival at the port involves a lot of paper exchange between the shipping line, the consignees, their agents and terminals. Using a paperless approach, it’s possible to reduce the time taken from 2-3 days to as little as 1-2 hours.
The news is a boost for logistics blockchains following the demise of IBM and Maersk’s TradeLens initiative last year, where ONE was a member. Yesterday Sumitomo Corp invested in another trade network, Japan’s TradeWaltz. Part of the reason for the optimism could be the renewed drive for digitization following a commitment from most of the big container shippers to adopt electronic bills of lading (eBL).
Update: added confirmation that ONE is not an investor