- GSBN’s platform challenges Maersk’s legacy
- Major shipping partners join forces
- Blockchain adoption may take a decade
GSBN, a Hong Kong-based nonprofit, emerges as a leading blockchain-based platform for global shipping, despite setbacks in the industry.
In the wake of Maersk’s decision to discontinue its blockchain-based supply chain platform, the Hong Kong-based Global Shipping Business Network (GSBN) has emerged as a beacon of hope for the integration of blockchain technology in global trade. As a nonprofit consortium, GSBN is dedicated to developing and promoting blockchain trade applications and is confident in the technology’s potential for revolutionizing the logistics sector in the coming years.
The South China Morning Post reports that GSBN is currently operating one of the world’s largest platforms rivaling Maersk’s TradeLens tool. This new platform harnesses the power of a permissioned blockchain, which provides robust data governance and restricts access to shipping-related data to authorized parties only.
Since its inception in 2021, GSBN has forged partnerships with prominent shipping companies such as Cosco, Orient Overseas Container Line, and Hapag-Lloyd. Additionally, the organization has collaborated with key terminal operators, including Hutchison Ports, SPG Qingdao Port, PSA International, Shanghai International Port Group, and Cosco Shipping Ports. Notably, Hapag-Lloyd from Germany and PSA International from Singapore are the only members headquartered outside of mainland China or Hong Kong.
GSBN CEO Bertrand Chen remains optimistic about the future of blockchain technology in the logistics industry, despite setbacks like Maersk’s termination of its similar project. He believes that the true potential of blockchain is yet to be unleashed and anticipates its widespread adoption could take another decade. With GSBN at the forefront of this revolution, the future of global shipping could be transformed by this game-changing technology.
In other news, in a recent development, a significant Ether reward of 689 tokens worth $1.28 million was distributed from a single MEV-boost relay block on the Ethereum Beacon Chain, making it one of the most significant rewards in recent history.
