What is happening: Nine ocean carriers and terminal operators have agreed to set up a block chain to increase efficiency and transparency. The actual blockchain tech will be made by CargoSmart.
GSBN: The platform is called the Global Shipping Business Network.
Who is involved: Those involved includes, COSCO, Shipping Lines, CMA CGM, Evergreen Marine, OOCL, Yang Ming, DP World, Hutchison Ports, PSA International, and Shanghai International Port.
Competition: There have been at least four blockchains aimed at ocean carriers, meaning there will surely be winners and losers when in comes to the industry. That’s at least four different groups of companies all looking to do a very similar thing. GSBN boast five carriers though, so they may find themselves as one of the top performers.