The consortium of Global Shipping Business Network (GSBN) and the Shanghai Chemical Industry Testing Research Institute (SICIT) have announced their plans to deploy blockchain technology for the tracking of hazardous chemical cargoes.
Major shipping companies, such as Cosco and Orient Overseas Container Line (OOCL), will also join the project.
This move towards blockchain technology is the result of a series of accidents involving the transportation of dangerous goods.
SICIT has stated that this latest development will enhance the safety of transporting hazardous materials, including lithium batteries.
SICIT is authorized to issue certificates for the secure transportation of chemicals, and normally shippers provide these certificates in a printed or scanned format.
However, it can be difficult for transport companies involved in the supply chain to verify the authenticity of these documents, which can lead to mislabelling and other errors.
The GSBN platform, which is based on blockchain technology, aims to streamline this process by ensuring that the information in certificates is precise and valid.
The companies involved, including the household appliance manufacturer Midea, have developed a proof of concept (Proof-of-Concept) for this technology.
With the GSBN, Cosco and OOCL will be able to validate the certificates received by Midea. The spokesman for GSBN, Bertrand Chen, stated that the shipping industry is undergoing a digital transformation, and that blockchain technology, in combination with the Internet of Things (IoT), will significantly decrease the risks of transporting hazardous goods.
It is worth noting that the companies that formed the GSBN consortium launched a controlled blockchain platform in 2021, to enable even competing market participants to cooperate through it.