The companies signed a memorandum of understanding 6th of November to build a blockchain-driven system with the aim to speed up the shipment management process, and to cut operational costs, especially the large amount of money required for paper-based contracts. The system is currently called Global Shipping Business Network
According to Hutchison Ports, DLT can also help establish a common set of rules and standards for the industry as the blockchain tracks all data. stating in a press release “The new platform will establish a digital baseline that aims to connect all stakeholders, including carriers, terminal operators, customs agencies, shippers, and logistics service providers to enable collaborative innovation and digital transformation in the supply chain.”
GSBN will start its trial phase in December this year with testing how DLT can improve the sharing of documentation and data for dangerous goods. The trial will focus on cargo releases and invoices.