Nine Chile-based Cargo Companies Greenlit to Build Joint Blockchain Project

By Warren Hayes | October 22, 2020

Nine national freight maritime cargo firms have reportedly received greenlight from Chile’s National Economic Prosecutor’s Office (FNE), to set up a joint venture dedicated to building a blockchain platform. 

Specifically, the blockchain platform will reportedly be generally referred to as Global Shipping Business Network (GSBN), with a primary goal to take care of all processes associated with maritime cargo, nominally document issuance and cargo clearance, among others. 

The solution is reportedly expected to be rolled out for different additional firms across the sector, not exclusively for 9 above. 

According to the resolution issued by the FNE, CMA CGM, Cosco Shipping Lines, Cosco Shipping Ports, SIPG, Hapag-Lloyd, Hutchison Ports, OOCL, PSA, and Qingdao Port will reportedly be handling the task of designing the GSBN, with budget details yet to be revealed. 

The GSBN blockchain platform is reportedly not expected to handle the transferring of Commercially sensitive data, which ultimately eliminates the potential of utilizing the GSBN for carrying out “coordination” between the Shipping Constituents.

The solution has reportedly been demonstrated to numerous competition agencies from the US, South Korea, Poland, and Ukraine, but reports of feedback from these nations about the platforms are reportedly still not available. 

Philippi Prietocarrizosa Ferrero DU & Uría (PPU) – led by the Free Competition partner Ignacio Larraín, Álvaro Espinosa, Gabriel Budnik, and Matías Palma – a well-known figure in the Chilean cargo industry – reportedly acts as advisors for firms associated with the project.

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