Blockchain technology is beginning to revolutionize the shipping industry, as shipping giant Cosco-Shipping and its subsidiaries, OOCL and Global Shipping Business Network (GSBN), recently announced their plans to launch a blockchain-based project to digitalize the chemical logistics industry. This joint venture aims to better protect consumers from potentially hazardous chemicals and to improve the industry’s overall transparency.
The project will be trialed in Rotterdam and involves the use of blockchain technology integrated into digital certificates for each container of hazardous chemicals. This allows for its origin and transport to be tracked in real-time. The digital certificates will also allow authorities, customers and process owners the ability to monitor and access information on the chemicals stored in containers, helping to improve safety and reduce environmental risks.
In addition to establishing unprecedented levels of transparency, the blockchain-based system will automatically alert customs and port authorities when goods arrive, that can then be quickly tracked and verified. The system also stores relevant documents such as safety certificates, guarantees and permits, as well as forwarder and shipper certifications. This ultimately expedites the customary documentation process, helping to save time and money.
With the successful launch of this project, Cosco-Shipping, OOCL and GSBN are well positioned to lead the industry in terms of digitization and safety. The project is a direct result of their commitment to innovation and protection of their customers and the environment.
Through the use of blockchain technology, Cosco-Shipping, OOCL and GSBN are introducing unprecedented levels of safety and transparency to the chemical logistics industry. The trial project in Rotterdam is expected to act as a model for other shipping companies and set a new industry standard when it comes to digital certificates and real-time tracking of hazardous chemicals.