The new blockchain platform aims to digitize one-third of all shipping containers globally
- Blockchain affords a secure and quick way of exchanging data
- Global Shipping Business Network is introducing a new blockchain-based platform GSBN is seeking partners for geostrategic purposes
- GSBN will account for one in every three containers
It is an era of digitization, computer coding, and new technological infrastructures replacing the older era edifices with the latest technology. Blockchain technology is based on a complex branch of mathematics known as cryptography. Logistics has a lot to gain from Blockchain technology, and the shipping industry is rapidly adopting it.
The shipping industry is still running on the age-old traditional pattern, which involves time-consuming and document-intensive using paper documents. Blockchain affords a secure and quick way of exchanging data. Everything from money, contracts, bills of lading, the tracking number can be shared in the form of a secured encrypted public ledger. Unlike traditional ledgers, this ledger is not controlled by any one entity. It is easily verifiable as it cannot be modified. It will give a clear chain of custody, likewise for legal documents and endorsements.
Blockchain-based platform to digitize the shipping process
Global Shipping Business Network is introducing a new blockchain-based platform to digitize the shipping process. It is also seeking partners to tap the essential Asian Market. The new Blockchain platform will be able to track and control one-third of all shipping containers globally.
Founded in October 2020 by eight global, national freight maritime cargo companies, the GSBN is a Blockchain platform that will digitize shipping processes such as document issuance, clearance, and logistics data.
GSBN will account for one in every three containers
The Hong Kong-based nonprofit consortium GSBN will account for one in every three containers handled across the globe. Once the platform is fully operational, this may soon be verifiable on the Blockchain
The GSBN had launched the New Blockchain platform on September 8 along with Oracle, Microsoft Azure, AntChain, and Alibaba Cloud. An announcement by GSBN said that it wants to use the very best technology to make sure the infrastructure is robust, reliable, and highly scalable
GSBN also added that it seeks partners for geostrategic purposes, such as Oracle’s global trade operating system and Azure’s service reliability in Southeast Asia. Ant Group and Alibaba Cloud will be used for deployment in China.
GSBN has also said that the data will be encrypted before it finds its place on the Blockchain platform.
Therefore the members will not be able to access the data without authorization. The consortium was at pains to explain that blockchain technology enables it to collaborate with dissimilar and often competing market participants.
GSBN had launched its first Blockchain-based application dubbed Cargo Release in China. The program was designed to quicken the processing time by removing paper and storing data on the Blockchain.
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