Blockchain Global Shipping Competition
November 12 2018 - 12:51PM
InvestorsHub NewsWire
Bitcoin Global News (BGN)
November 12, 2018 -- ADVFN Crypto NewsWire -- Last week at the
China International Import Expo in Shanghai some of the largest
shipping industry companies made an agreement to conduct joint
research and development for a new universal shipping data system.
The platform will utilize distributed ledger technology, and
function similarly to IBM and Maersk’s industry leading blockchain
platform TradeLens.
In total, nine companies signed a
Memorandum of Understanding to create the new open digital
platform. These founding members are taking the first step of a
greater purpose to form a larger consortium that focuses on
understanding and integrating new technologies available to benefit
the industry. The Global Shipping Business Network (GSBN) includes
four industry leaders from around the world:
-
PSA International - port operator -
Singapore
-
Shanghai International Port Group -
port operator - China
-
CMA CGM S.A - 3rd largest shipping
company - France
-
Yang Ming Marine Transport
Corporation - 9th largest shipping company - Taiwan
Some of these nine companies, and
many involved in the shipping industry are as old as 100 years.
Many of the standard procedures were created back in the 1950’s
when the very first standard was set for shipping container size.
The system overall wastes tons of physical paper, and is full of
redundancies and steps that could be automated with technology now
available.
CargoSmart
A tech company out of Hong Kong
will be the software development lead for the new shipping group.
CargoSmart initiated a blockchain shipping alliance, and is now
seeing the benefits of their forward thinking. Their first steps
will be to simply introduce a basic, universal shipping business
network by this year’s end. One of the primary concerns is to
potentially dangerous goods. Rather than focusing on efficiency,
CargoSmart is using the benefits of blockchain technology to reduce
safety concerns for shipping industry employees.
Competition or potential
partnership?
Earlier this year, Maersk and IBM
announced their blockchain platform TradeLens had reached a total
of 94 member organizations. The project is completing a
proof-of-concept stage. As part of IBM's early adopter program, the
pilot system is actively capturing more than a million shipping
events each day.
These organizations know that the
only way to achieve the full potential of open networks, they will
have to work together. There is also the potential that one of the
many interoperability blockchain networks could facilitate a smooth
partnership between these two networks while still maintaining
their own identity.
By: BGN Editorial Staff
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