Ocean Carriers Taking Steps To Digitise Shipping Processes
Ocean carriers are starting to take several steps to digitize shipping processes.
The Digital Container Shipping Association GSBN strives to promote the digitization of the global trade sector, which will result in more comprehensive data sharing and help parties reduce their carbon footprint through efficiency, eventually enabling better governance and risk management. GSBN is built on a permissioned blockchain with strong data governance where only authorized parties are granted the right to contribute and consume shipping-related data.
In February alone, nine ocean carriers — including ONE — committed to transitioning from paper bills of lading to electronic ones as part of the Digital Container Shipping Association.
“With digitisation gaining ground ever faster, it is important that the maritime industry continues to evolve and adapt by embracing new global standards and transaction efficiency,” - Jeremy Nixon(ONE CEO)
The GSBN is making a similar push, promising to use its platform to break down data silos. The company’s Cargo Release platform services more than 10,000 customers, according to GSBN’s website.
“The shipping industry is at a critical moment in time where digitalisation has the potential to enable a quantum leap. What’s needed to make this a success is trusted collaboration.” - Bertrand Chen(GBSN CEO)
This is not the first attempt by shipping lines to digitize processes. Maersk and IBM once partnered to commercialize a blockchain platform, Tradelens, but a lack of commercial viability led the companies to shutter the initiative last year.
Nucleus sees this as an attempt to implement an end-to-end supply chain platform. As previously written about here. What is clear, is that technological gains are increasing the rate of change and progress exponentially. And starting to enable platforms that were previously unimaginable.
What a time to be alive.