Global Shipping Business Network (GSBN) has reportedly introduced a new blockchain-powered platform, capable of tracking one-third of shipping containers in the world. 

Specifically, the GSBN reportedly disclosed details of the blockchain platform release on September 8th, via alliances formed with Oracle, Microsoft Azure, AntChain and Alibaba Cloud.

The GSBN was initially established in October last year by eight international national freight maritime cargo, with a primary goal of designing a blockchain platform dedicated to the digitization of shipping processes, nominally document issuance, clearance and logistics data.

The participating entities of the nonprofit consortium GSBN from Hong Kong are reportedly believed to “account for one in every three containers handled in the world”, which can be verified on the blockchain as soon as the platform is in full speed. 

“As an independent consortium, it chose a best-of-breed approach to technology to ensure the infrastructure is strong, reliable and highly scalable” 

GSBN further remarked that the alliances were made to cater to geostrategic strategies, nominally Oracle’s global trade operating system and Azure’s service reliability in Southeast Asia. Ant Group and Alibaba Cloud will assist with the rollout in mainland China. 

To offer security for the information control by GSBN, encryption processes will be applied to the data prior to transferring to the blockchain platform, which means authorization is mandatory to tap into the data. 

The consortium additionally highlighted that blockchain makes it possible for it to work with “disparate and often competing market participants.”