Global Shipping Business Network (GSBN) has launched a new blockchain-based platform that could potentially track one-third of shipping containers across the globe.
The GSBN was founded in October 2020 by eight global national freight maritime cargo companies to build a blockchain platform that digitizes shipping processes such as document issuance, clearance and logistics data.
Members of the Hong-Kong-based non-profit consortium GSBN are said to “account for one in every three containers handled in the world,” and this may soon be verifiable on the blockchain once the platform is fully utilized.
The GSBN announced the launch of the new blockchain platform on Sept. 8 in partnership with Oracle, Microsoft Azure, AntChain and Alibaba Cloud.
“As an independent consortium, it chose a best-of-breed approach to technology to ensure the infrastructure is strong, reliable and highly scalable,” the announcement read.
GSBN noted that the partnerships were sought out for geostrategic purposes such as Oracle’s global trade operating system and Azure’s service reliability