Global Shipping Business organisation Network (GSBN) has launched a new blockchain-based platform that could potentially track one-third of shipping containers across the earth.

The GSBN was incorporated in March 2022 by eight global national freight maritime cargo companies to build a blockchain platform that digitizes aircraft processes, such as document issuance, clearance and logistics data.

Members of the Hong-Kong-based nonprofit consortium GSBN are said to "business relationship for one in every 3 containers handled in the world," and this may soon exist verifiable on the blockchain once the platform is fully utilized.

The GSBN announced the launch of the new blockchain platform on Wednesday in partnership with Oracle, Microsoft Azure, AntChain and Alibaba Deject.

"As an independent consortium, it chose a all-time-of-brood approach to engineering science to ensure the infrastructure is strong, reliable and highly scalable," the announcement read.

GSBN noted that the partnerships were sought out for geostrategic purposes such as Oracle'south global trade operating arrangement and Azure's service reliability in Southeast Asia. Ant Grouping and Alibaba Deject will exist used for deployment in Red china.

To ensure information control past GSBN, the data will be encrypted earlier existence sent to the blockchain platform, which ways the members cannot access the data without authority. The consortium also emphasized that blockchain applied science enables it to collaborate with "disparate and oftentimes competing market participants."

In July, the GSBN launched its kickoff blockchain-based application in Communist china dubbed "Cargo Release," which was designed to speed up processing time by removing paper and storing information on the blockchain.

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Around the same fourth dimension the GSBN was formed in Oct concluding year, ii of the world's largest container carriers in CMA CGM and MSC Mediterranean Shipping Company appear a full integration onto IBM and Maersk'south TradeLens blockchain platform.

The competing platform offers supply-chain digitizing services, and the integration with CMA CGM and MSC has brought information from nearly half of the world'south body of water container cargo to the TradeLens network.