A blockchain-enabled operating system designed to redefine global trade will soon be available in Southeast Asia.

Global Shipping Business Network (GSBN) is rolling out its Cargo Release solution to Hong Kong, Singapore and Laem Chabang in Thailand. Building on its success in China, Cargo Release will be used by Hutchison Ports and PSA International, covering major ports in Southeast Asia.

Bertrand Chen, CEO at GSBN, said: “Southeast Asia is a strategically important hub for trade and the rollout of Cargo Release in the region marks an important milestone in the shipping industry’s digital leap. We are fully committed to supporting this push by harnessing our operating system to drive efficiency, resilience and trust across all market participants.”

Speeds up processing

Cargo Release offers a paperless, highly efficient and transparent solution connecting everyone involved at the port of import including shipping lines, consignees, their agents and terminals. This product cuts the time for cargo to be document-ready for release from days to hours.

The Southeast Asia shipping industry is experiencing tremendous growth, driven by the cross-border eCommerce boom, said GSBN. Singapore and Malaysia alone account for over 50% of the total cross-border eCommerce market in the region, and 55% of all online transactions in Singapore involve overseas sellers. The rollout of Cargo Release across Southeast Asia will help the industry meet the growing shipping demand and better capitalise on the cross-border eCommerce opportunities.

GSBN was founded by eight global shipping lines and terminal operators accounting for one in every three containers handled in the world. The mission of the technology consortium is to build the data infrastructure needed to enable modern and efficient global trade.

Recently, GSBN signed a Memorandum of Understanding with eight major shipping port groups in China with the support of China’s Ministry of Transport and China Port Association, to accelerate the digital transformation of the shipping and logistics industry.
Source: Port Strategy (https://www.portstrategy.com/news101/technology/blockchain-trade-growth)