GSBN welcomes latest member New Land-Sea Corridor
Global Shipping Business Network (GSBN), an independent not-for-profit technology consortium building a trusted digital platform to redefine global trade welcomes the New Land-sea Corridor Operation Co Ltd, (NLSC) as a new member, expanding the way for digitally integrated land and sea trade routes between Asia and Europe, according to GSBN's release.
The New International Land-Sea Trade Corridor (ILSTC) is a major trade and logistics passage established jointly by China and ASEAN members. NLSC operates a pan-regional integrated transportation platform which orchestrates the transportation network between shipping ports in the east and south of China with the rest of Asia and Europe. NLSC operates a cross-regional integrated operation platform jointly built by the "13+2" provincial (autonomous regions, municipalities) government. It coordinates the operation of integrated corridor services, and commence foreign exchanges and cooperation. NLSC harmonizes railways, highways, shipping, aviation and other resources to build domestic and international service networks. It aims to facilitate transportation and trade between countries that are part of the Regional Comprehensive Economic Partnership (RCEP).
In May 2023, NLSC and COSCO Shipping Lines deployed GSBN’s Cargo Release in the Port of Chongqing, a dry port along the trade corridor. Cargo Release is a paperless solution which connects everyone involved at the port of import including shipping lines, consignees and terminals, shortening the release procedure from 1-2 days to less than 4 hours.
Harnessing GSBN’s infrastructure, it is the first inland port to execute a paperless cargo release process over the blockchain, connecting the sea routes to rail on land. Following the successful deployment and harnessing NLSC’s expansive coverage, Cargo Release is set to rollout across more dry ports across the ILSTC.
Following its membership to GSBN, NLSC will embark on a Proof of Concept using blockchain technology to streamline the recognition of its House Bill of Lading with Master Bills of Lading issued by carriers to generate value for stakeholders across the supply chain. Benefits of the digitally powered operation will include greater efficiency as well as more transparency and visibility from customers to financial institutions. Furthermore, the secure sharing of trusted data will also enhance the trade finance process benefitting small to medium sized businesses.
Incorporated in Hong Kong, the Global Shipping Business Network (GSBN) is an independent, not-for-profit technology consortium which has built an infrastructure and platform harnessing advanced technologies such as blockchain, to redefine global trade. The platform facilitates trusted collaboration between disparate and competing market participants, as well as enabling greater efficiencies and resilience. It also aims to expand the global trade ecosystem by creating bridges to new market participants including banks, fintech companies and other consortia, while supporting the development of technology-driven innovation as the sector makes the leap to digital.
The consortium was first founded by 8 global leaders in the global shipping industry accounting for one in every three containers handled in the world.
The New Land-Sea Corridor Operation Co., Ltd. is a cross-regional integrated operation platform jointly built by the "13+2" provincial ( autonomous regions, municipalities) government to implement the national Master Plan for the Western New Land-Sea Corridor. It will coordinate the development of new land-sea corridor. Based on the business philosophy of "consultation, co- construction, and sharing", the company fully promotes the interconnection with the neighbours, and jointly constructs a new Asia-Europe continental bridge.
