Global Shipping Business Network (GSBN) has incorporated in Hong Kong after securing the requisite regulatory approvals across multiple jurisdictions, officially starting its operations to help accelerate the Digital Transformation of the Shipping industry by enabling stakeholders involved in global trade to increase delivery reliability, streamline operations, and embrace digital transformation. Its shareholders include major global carriers and terminal operators PSA International, COSCO SHIPPING Lines, COSCO SHIPPING Ports, Hapag-Lloyd, Hutchison Ports, Orient Overseas Container Line, SPG Qingdao Port and Shanghai International Port Group.

In the past year, the pandemic has shown how interdependent the world has become and highlighted the importance of global trade. Widespread production shutdowns in various countries have led to an unpredictable domino effect on supply chains worldwide. The ensuing lockdowns and explosive growth in e-commerce spending have also pushed the industry to its limits.

GSBN aims to enable and accelerate the digital transformation of the shipping industry through the setup of a secure Data Exchange Platform. This platform will enable the shipping industry to improve its resilience by facilitating better digital connections and collaboration between stakeholders, improving supply chain visibility to enhance sustainability and reliability of operations and unlocking the value of digital transformation for all.

To this day, many stakeholders within the industry rely on manual processes or traditional Electronic Data Interchanges (EDIs) instead of Application Programming Interfaces (APIs) for some of their most critical tasks. By leveraging blockchain technology, GSBN will provide its users with a modern platform to enable the exchange of first-party, real-time, and trusted logistics data. This platform will improve user experience, enabling industry players to interact with data and redefine legacy processes.

Additionally, data submitted to GSBN’s platform is fully encrypted with private keys, with data access rights managed at the data field level. Enhanced data security measures protect commercially sensitive information against unauthorised or inappropriate disclosure or use. The platform’s strong data governance will ensure that only authorised parties are granted access rights to view and use the data. GSBN has also been set up on a not-for-profit basis so that it can economically motivate each member to participate and contribute high quality data.

To demonstrate the value of products built on top of the platform, proofs of concept were conducted in China and Southeast Asia. The ‘Cargo Release’ product was one such example. It proved to be well received by a wide range of customers during the pandemic as it took a traditionally manual and time-consuming cargo release process and transformed it into one that required no physical contact. Another proof of concept that proved successful was the use of shipping data in trade finance, which includes banks and other fintech to provide a better user experience for their customers.

PSA International Head of Group Commercial, Strategy & Cargo Solutions Ho Ghim Siew said: “The ability to collaborate in a trusted and secure manner is key for us to fully realise the opportunities from our increasingly digital and interdependent world. The GSBN platform will allow stakeholders and industry players to share timely information to facilitate downstream transactions and activities, with the assurance that their data is protected by strong data governance structures. PSA International is excited to be part of GSBN’s incorporation milestone. We look forward to co-creating innovative solutions with industry players through the GSBN platform and generating new value for cargo owners and supply chain stakeholders.”