Nine ocean carriers and terminal operators have signed an MOU to form a consortium to develop the Global Shipping Business Network (GSBN), an open digital platform based on distributed ledger technology.

The participants include ocean carriers CMA CGM, COSCO Shipping Lines, Evergreen Marine, OOCL, and Yang Ming; terminal operators DP World, Hutchison Ports, PSA International and Shanghai International Port; and software company CargoSmart. The new platform will connect all stakeholders, including carriers, terminal operators, customs agencies, shippers and logistics service providers to digitize their supply chain.

CargoSmart initiated the formation of the blockchain consortium, and will employ big data analytics, artificial intelligence, Internet of Things and blockchain technologies to develop the system. 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. The application is scheduled to be available in December 2018.