CargoSmart Speaks at the World Shipping Summit
Nov. 15, 2018
CargoSmart introduced the Global Shipping Business Network (GSBN), an open digital platform based on distributed ledger technology for the shipping industry, at the World Shipping Summit on November 6, 2018. The event was a side event of the China International Import Expo in Shanghai, China.
COSCO Shipping has hosted the World Shipping Summit since 2004. As the high-profile logistics and shipping summit in mainland China, the World Shipping Summit attracted and gathered government officials, business communities, and professional traders from all over the world. This year, the summit became the largest side-event at the first China International Import Expo (CIIE), focusing on hot topics such as the new landscape of world trade and opportunities and challenges in logistics advancement.
At the summit, Steve Siu, CEO of CargoSmart, remarked “CargoSmart has been actively studying how blockchain can make unprecedented changes for global shipping, thereby benefiting stakeholders. A new platform, Global Shipping Business Network (GSBN), 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.”
The platform provides the foundation for new applications that can transform documentation flow for shipment management including dangerous goods documents, invoices, and cargo release. The first planned application will allow shippers to digitize and organize their dangerous goods documents and automatically connect with relevant parties to streamline the approval process. The application is scheduled to be available in December 2018.