April 7th, 2020, CargoSmart Limited release an announcement that it conducted a blockchain pilot project with Tesla and GSBN shareholders.
GSBN shareholders in the project include COSCO SHIPPING LINES (COSCO) and Shanghai International Port Group (SIPG). The pilot project innovative cargo release application in Shanghai Port.
Speed up the shipping process
The project speed up the release of sea waybills, truckers are able to pick up cargo from the terminal faster. It helps shippers meet delivery windows and ensure that service quality and customer commitments are met.
Minimize verification steps
What the project does is to minimize verification steps for the consignee, shipping agent, and ocean carriers. Before the project piloted, Tesla needs to complete ocean carriers and port verification process separately.
Mentioned on the release. During the pilot in December 2019, SIPG allowed to view a single, trusted source of COSCO’s sea waybill data. It enabling faster preparation of delivery orders for consignees and their shipping agents.
In late March 2020, CargoSmart further enhanced the application to display laden gate out, appointment date, and terminal release. It enabling shippers to have better visibility of their cargoes.
Make a paperless, trusted, and seamless trade processes
The project make a paperless, trusted, and seamless trade processes at the Port of Shanghai, later demonstrates the benefits for supply chain stakeholders around the world.
Global Shipping Business Network
To expand the value to more carriers and terminals, the project will build on the GSBN once it ready.
Nine ocean carriers and terminal operators, have signed a shareholders’ agreement indicating their intention to become shareholders of the GSBN.
Including CGM, COSCO SHIPPING LINES, COSCO SHIPPING Ports, Hapag-Lloyd, Hutchison Ports, OOCL, Port of Qingdao, Port of Singapore Authority (PSA International), and Shanghai International Port Group (SIPG).