Global Shipping Business Network (GSBN) has announced that its blockchain platform built in partnership with Oracle, Microsoft, AntChain and Alibaba Cloud has officially gone live to accelerate digital transformation in the global trade sector.
Digital trade finance network Contour has partnered with the Global Shipping Business Network (GSBN) to offer an end-to-end digital solution for all participants involved in trading, financing and shipping goods around the world.
The Global Shipping Business Network (GSBN) has launched the first application of its blockchain enabled Cargo Release system in China. The news follows the consortium’s incorporation earlier this year.
Misr Technology Services (MTS) has authorised CargoX as the blockchain document transfer gateway for Egypt’s Advance Cargo Information System (ACI).
International Container Terminal Services (ICTSI), an international terminal operator, has signed on to connect its 31 terminals to the TradeLens platform.
ShipChain has launched a new solution called ShipChain Mainnet to help drive complete supply chain transparency, improve security and the transactional capacity to serve the needs of the largest Fortune 500 and Global 500 companies.
This launch is a significant milestone toward achieving a modular system across the entire supply chain. It gives supply chain decision-makers the incentive to move from considering how blockchain might be used in global supply chains to realising its evident promise across transport modes and continents.
“Put simply, we can now fully deliver on blockchain's promise to enable those in the business of trade and logistics to do business with anyone or anything in the world at any transaction size and without an intermediary,” said John Monarch, CEO of ShipChain.
U.S.-based ShipChain provides an end-to-end logistics platform that delivers full visibility to the global supply chain via the blockchain platform, Ethereum, with a sidechain built on Loom for scalability.
The launch of ShipChain Mainnet, a public delegated Proof of Stake sidechain of the Ethereum network, means that ShipChain’s blockchain system is now fully developed and deployed, with blockchain transactions now being broadcast, verified, and recorded with full transparency.
“ShipChain Mainnet vastly increases our transaction capacity, which is essential in an industry such as transportation and logistics,” said Mr Monarch. “This means ShipChain can now support the supply chain tracking and transaction needs of the largest Fortune 500 and Global 500 level enterprises in the world, with capabilities that significantly exceed other alternatives.
“And this is supported by our Track and Trace blockchain-based system, which brings complete transparency and visibility to the supply chain.”
ShipChain Mainnet reduces costs by avoiding the congestion and higher pricing users encounter when using the Ethereum mainnet. It also moves the cost of deployment and contract use away from end-users, simplifying and improving the blockchain user experience.
ShipChain Mainnet also uses a public blockchain rather than a private blockchain. “The lack of trust across companies and actors in shipping today partly stems from a fractured environment - there are no unified systems to truly bring the industry together on one independent platform without competitive risk,” said Monarch. “We believe a public blockchain is safer than operating on a private network controlled by competitors. ShipChain Mainnet provides a protected, permanent ledger of transactions that everyone has their eyes on all at once.
“That doesn’t mean everyone knows exactly what you’re doing - corporations can still preserve privacy on public blockchains very easily. It just increases trust between your company, suppliers, vendors, and even regulatory bodies if needed.
“ShipChain’s public blockchain ecosystem also removes the risk of antitrust legal threats, as well as creating a level playing field for all involved.”
Another benefit of ShipChain’s Mainnet launch is the opportunity it gives to developers to build on top of the ShipChain platform rather than directly on the Ethereum blockchain. This opens up new possibilities for digital freight marketplaces using smart contracts, tokenized inventory management, and robust document management.
“ShipChain will continue to develop for and enhance the offerings on the Mainnet and encourages others to develop and work collaboratively to make it better and more secure every day,” added Mr Monarch.
ShipChain has key partnerships with firms including ScanLog, CaseStack, Zinnovate, ParcelLive, KeepTruckin, DistiChain, GTX Corp, and the World Economic Forum. More key partners will shortly be announced.
“We’ve had a steady flow of new partners, and we hope to be able to announce more soon, including an upcoming deal with a significant Global 500 company, which will significantly expand our modular capabilities even further. We are very excited to begin this next chapter and watch the logistics industry fully embrace the public blockchain.”
DP World has completed the early stages of integration with TradeLens a blockchain-based digital container logistics platform, jointly developed by A.P. Moller - Maersk and IBM.
The World Economic Forum (WEF) has developed a Blockchain Deployment Toolkit, which includes a set of high-level guidelines documenting tested best practices to address the issues that arise in blockchain implementation projects.
CargoX, the provider of the CargoX blockchain document transfer (BDT) platform, has been granted approval by the International Group of P&I Clubs (IGP&I) to use the neutral, public blockchain Ethereum network for its platform.
Blockchain and DNA-based fuels tracking solution, BunkerTrace, has announced its commercial launch shortly after a successful trial in the Netherlands, which was conducted in partnership with Cooperative Bebeka.
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