Global Shipping Business Network (GSBN), a blockchain consortium, has announced it has expanded its global footprint by rolling out Cargo Release to Hong Kong, Singapore and Laem Chabang in Thailand.
Cargo Release offers a paperless, highly efficient and transparent solution connecting everyone involved at the port of import including shipping lines, consignees, their agents and terminals.
This product cuts the time for cargo to be document-ready for release from days to hours, according to a statement, while it is now being rolled out in Southeast Asia by port operators, Hutchison Ports and PSA International, covering major ports across the region.
Bertrand Chen, CEO at GSBN, said, “Southeast Asia is a strategically important hub for trade and the rollout of Cargo Release in the region marks an important milestone in the shipping industry’s digital leap.”
The rollout of Cargo Release across Southeast Asia will help the industry meet the growing shipping demand and better capitalise on the cross-border eCommerce opportunities, according to the announcement.
“As a founding member, it is great to see GSBN scale and maintain their momentum following their success in China,” noted Shao Wenbin, Deputy GM at COSCO SHIPPING Lines Southeast Asia. “This expansion into Southeast Asia is pivotal in the consortium’s mission to redefine trade, by bringing the benefits of their operating system to strategically important trade hubs and markets.”
GSBN was founded by eight global shipping lines and terminal operators with the mission to build the data infrastructure needed to enable modern and efficient global trade.
Earlier in August, GSBN signed a Memorandum of Understanding with eight major shipping port groups in China with the support of China’s Ministry of Transport and China Port Association, to accelerate the digital transformation of the shipping and logistics industry.
