COSCO harnesses GSBN blockchain to issue traceable and verifiable green certificates
Global Shipping Business Network (GSBN), a neutral, not-for-profit consortium enabling paperless, accessible and sustainable global trade with its data infrastructure and ecosystem of partners, has completed a pilot with COSCO Shipping (COSCO) to issue traceable and verifiable green certificates powered by blockchain technology, according to GSBN's release.
As global shippers step up to their corporate responsibility of safeguarding the environment, leading corporations have started to pay a green premium on biofuel usage in exchange for Greenhouse Gas (GHG) reduction claims or Green Certificates. To increase traceability and verifiability, COSCO has partnered with GSBN, a neutral party in the shipping industry, to launch its Hi ECO blockchain-based shipping product.
GSBN leverages its blockchain-enabled network to establish linkage between the Proof of Sustainability (PoS) Certificate, which documents the purchase of biofuel by the carrier, and Green Certificates issued to corporations. This connection guarantees that each Green Certificate corresponds to an actual purchase of biofuel, instilling confidence in the marketplace. Furthermore, the technology enables easy verification through attestation, allowing stakeholders to validate the veracity of the claims. This enhances credibility and establishes a foundation of trust among all participants involved in the shipping process.
Establishing a connection between the Proof of Sustainability and the Green Certificate is merely the first step. The ultimate goal is to document the entire biofuel procurement process, from its source to its consumption, on the GSBN blockchain. GSBN’s vision is to create a transparent and continuous chain of custody of biofuels, thereby upholding the integrity of environmental claims linked to biofuel.
The Global Shipping Business Network (GSBN) is a neutral, not-for-profit consortium whose mission is to enable efficient, paperless and sustainable growth in global trade with its data infrastructure and ecosystem of partners. GSBN facilitates collaboration between participants across the shipping industry to enable greater efficiencies, paperless trade as well as supporting the shipping industry’s decarbonisation transition.
GSBN’s ecosystem includes shipping lines, terminals, banks, application developers and other consortia. The entire network accounts for more than half of the containers handled in the world.
COSCO SHIPPING Lines is engaged in domestic and international maritime container transport services. With 503 container vessels with a total capacity of 3.08 million TEUs, COSCO has the fourth-largest fleet in the world. COSCO operates 403 international and domestic shipping routes covering 602 ports in 144 countries.
