Last week, and following the launch of Cargo Release, we signed a Memorandum of Understanding (MOU) with 8 major shipping port groups in China to accelerate the digital transformation of the shipping and logistics industry. The signing ceremony was witnessed by China’s Ministry of Transport, China Port Association, and some of our founding members. In many ways, the fully virtual ceremony is as symbolic as the rapid digitalization of the shipping industry in one of the world’s largest exporting nations.
The port groups signing the MOU include Guangzhou Port Company Limited, Fujian Province Port Group Limited Liability Company, Zhejiang Provincial Seaport Investment & Operation Group Co. Ltd, Jiangsu Port Group, Anhui Provincial Port & Shipping Group Co. Ltd, Shandong Port Group Co. Ltd, Tianjin Port (Group) Co., Ltd, and Hainan Harbor and Shipping Holding Co., Ltd.
The collective coverage of these port groups under the MOU is a major milestone to greater collaboration between shipping ports in China and digital integration through their adoption of Cargo Release. The Cargo Release application harnesses blockchain to provide a trusted and efficient ‘operating system’, to accelerate the development of world-class ports and a connected, global shipping network.
Like many nations, China is looking to boost the use of technology across its trade sector. Under its Ministry of Transport’s ‘Chang Xing Program’, digitalization is happening rapidly across the country’s ports and at the heart of the shipping industry. The program, which relies on GSBN’s Cargo Release and the operating system which it sits upon, is listed in the government’s 2021 plan as one of key initiatives to improve people’s livelihoods. Through Cargo Release, the time for cargo to be released is significantly reduced from 2 days to within 4 hours. The result is a better cross-border trade and eCommerce user experience.
The MOU is an incredibly exciting moment, but it is just the start. Our aim is to harness our operating system to redefine global trade, unlocking efficiencies, improving resilience, and generating new value. As a not-for-profit consortium, we are fully committed to collaborating with both our members and the wider ecosystem to lead the digital transformation of the industry and continue to expand our use cases. We look forward to bringing the advantages of our consortium and operating system to other ports around the world.