Global Shipping Business Network (GSBN), situated in Hong Kong, now runs the largest network that may be considered a TradeLens substitute. It claims that a blockchain-based future is still on the horizon, it may just take another ten years.
According to the CEO of the GSBN, Bertrand Chenhe, “The true problem of TradeLens was not the value proposition of blockchain, but rather the perception that it was a Maersk product and so may pose a threat to other platform users.” When the blockchain platform is fully employed, it may soon be possible to verify that members of the Hong Kong-based nonprofit consortium GSBN “account for one in every three containers handled in the world.”
Eight shareholders of the non-profit GSBN have equal voting rights when it comes to blockchain governance. Cosco, OOCL, and Hapag-Lloyd are three of the members, together with PSA International, Shanghai International Port Group, Hutchison Ports, and Cosco Shipping Ports, which operate five terminals.
Chen stated that there was no significant threat to user privacy, and there is no evidence that Maersk utilised or would have exploited TradeLens data to its benefit. Yet, a lot of individuals have remarked that this unfavourable reputation could have hampered uptake.
Before being uploaded to the blockchain platform to secure information control by GSBN, the data will be encrypted, preventing members from accessing it without permission. Also, the consortium stressed how blockchain technology enables it to work with diverse and frequently rival market actors.
An electronic bill of lading (eBL), which has lately gained popularity, is the one application that almost everyone in the sector can agree might be a game-changer for blockchain in logistics. A crucial record for demonstrating receipt of goods is the bill of lading. In the whole business, it is still mostly paper-based, and shippers need the original paperwork in order to convey products.
In January, GSBN and Cosco collaborated to enable the first usage of a blockchain-based eBL for bulk shipment. They also agreed to employ eBLs in the future by signing a memorandum of agreement with Saudi Basic Industries Corp (Sabic), Cosco Shipping, Hutchison Ports, and PSA International at the end of March.
One of the most innovative applications of blockchain technology outside of cryptocurrencies was expected to be supply chain and logistics management, serving as evidence that the technology was more than just hearsay and hype. The claim is now in doubt following the collapse of the Danish firm.