Today, logistics tech firm CargoSmart announced it completed a blockchain pilot for the cargo release process with COSCO SHIPPING LINES (COSCO), Shanghai International Port Group (SIPG), and Tesla. The project is part of the Global Shipping Business Network (GSBN) blockchain consortium and enabled the ocean carrier to share shipment data with the terminal operator using blockchain.
The incorporation of GSBN is pending regulatory approval. COSCO and SIPG plan to become shareholders of GSBN, along with CMA CGM, COSCO SHIPPING Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao and PSA International.
The cargo release process is heavy on paper documentation. The pilot enabled easy verification of consignee and shipping agent with the ocean carrier, which helped the customer, Tesla, to pick up its cargo from the terminal faster.
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