Despite the rocky start of blockchain technology in the logistics industry, the Global Shipping Business Network (GSBN) remains bullish on its application in global trade. While Maersk terminated its blockchain-based supply chain platform last year, Hong Kong-based GSBN sees blockchain as a crucial tool in the long term. In fact, GSBN currently operates one of the world’s largest platforms, which can be described as an alternative to Maersk’s TradeLens tool. This platform is based on a permissioned blockchain with strong data governance, allowing only authorized parties to contribute and consume shipping-related data.
Since the launch of its blockchain-based shipping platform in 2021, GSBN has partnered with major shipping partners like Cosco, Orient Overseas Container Line, and Hapag-Lloyd. The nonprofit consortium has also established partnerships with terminal operators such as Hutchison Ports, SPG Qingdao Port, PSA International, Shanghai International Port Group, and Cosco Shipping Ports. With the world’s largest shipping companies on board, the potential of blockchain in logistics seems promising.
According to a report by the South China Morning Post, GSBN CEO Bertrand Chen is confident that blockchain technology has yet to fully catch on, and its adoption may take another decade. Despite the failures of major industry firms like Maersk in implementing similar projects, GSBN believes blockchain technology remains a crucial logistics tool in the long term. With its platform based on a permissioned blockchain with strong data governance, the nonprofit consortium remains committed to exploring the potential of blockchain in the logistics industry.