Nine major terminal operators and shipping companies have signed a Memorandum of Understanding (MoU) to launch an open digital platform based on distributed ledger technology (DLT), The Maritime Executive, a major industry source for maritime and marine news, reported Nov. 6.

The MoU, aimed at forming a consortium to develop a shipping industry blockchain alliance dubbed the Global Shipping Business Network (GSBN), has been signed by the world’s leading shipping operators during the China International Import Expo in Shanghai on Nov. 6.

The article notes that the software solution for the global shipping business network will be provided by CargoSmart, a Hong Kong-based company specializing in shipping and logistics.

CargoSmart initiated the launch of the blockchain shipping alliance, and the first application of the newly established global shipping business network is scheduled for December 2018. The article notes:

“The first planned application will allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process.”

This new blockchain alliance involves such shipping giants as PSA International, a Singapore-based company and one of the world's largest port operators, and Shanghai International Port Group, leading operator of ports in China. Other participants include leading French shipping group CMA CGM S.A and Yang Ming Marine Transport Corporation, an ocean shipping company based in Taiwan.

At the end of the summer, Danish transport and logistics giant Maersk in partnership with IBM had also launched global blockchain-enabled platform involving 94 organizations for shipping and logistics solutions, Cointelegraph reported Aug. 9.