The Global Shipping Business Network (GSBN) is a Hong Kong-based non-profit organization that considers blockchain technology as a critical tool for the future of logistics. GSBN operates a blockchain platform for trade applications that can be seen as an alternative to Maersk’s TradeLens tool.
According to the South China Morning Post, GSBN’s platform is one of the largest in the world, built on a permissioned blockchain with strict data governance to ensure that only authorized parties can contribute to and access shipping-related data.
Since the launch of its blockchain-based shipping platform in 2021, GSBN has partnered with key shipping partners such as Cosco, OOCL, and Hapag-Lloyd, as well as terminal operators like Hutchison Ports, SPG Qingdao Port, PSA International, Shanghai International Port Group, and Cosco Shipping Ports.
GSBN CEO Bertrand Chen believes that blockchain technology will eventually gain widespread adoption in the logistics industry, but he acknowledges that it might take up to a decade. He stated that the industry has already digitized, and it’s unimaginable that global trade will still be using pen and paper ten years from now.
Chen stated:
“I think for a lot of people, the clear understanding is this industry has digitised. There’s just no way 10 years down the road in 2032, global trade is still using pen and paper. There’s no way after Covid-19. It just cannot be.”
Chen believes that China’s significant investment in the blockchain logistics industry has put them ahead of the game. He also recognizes that many of the current blockchain solutions in China are tailored specifically to their market, which will benefit GSBN by providing more potential partners to collaborate with.
Chen stated:
“When you throw so much money in one sector because it’s a policy, you’re bound potentially to be able to get lucky.”
According to Chen, GSBN has global aspirations and is trying to attract additional European shipping lines. He also expressed his desire to have Maersk, the logistics industry’s most prominent firm, join them someday but acknowledged that it could be difficult.
Meanwhile, A.P Moller, a subsidiary of Maersk, has terminated its partnership with IBM on building TradeLens, a blockchain-based supply chain platform. The company stated that the platform failed to attain the essential level of commercial feasibility required to sustain its operations and fulfill its financial objectives as a standalone enterprise.
Rotem Hershko, the Head of Business Platforms at A.P. Moller, stated:
“While we successfully developed a viable platform, the need for full global industry collaboration has not been achieved.”
If you want to read more news articles like this, visit DeFi Planet and follow us on Twitter, LinkedIn, Facebook, Instagram, and CoinMarketCap Community.
“Take control of your crypto portfolio with MARKETS PRO, DeFi Planet’s suite of analytics tools.”
