Nine major terminal operators and shipping companies have signed a Memorandum of Understanding (MoU) to launch an open digital platform based on distributed ledger technology (DLT), The Maritime Executive, a major industry source for maritime and marine news, reported Nov. 6. The MoU, aimed at forming a consortium to develop a shipping industry blockchain alliance dubbed the Global Shipping Business Network (GSBN), has been signed by the world’s leading shipping operators dur

Hong Kong-based blockchain solution provider 300cubits has completed the first trial shipment in its smart contract deployed on the Ethereum blockchain, the company said. Malaysia’s liner company West Port and, LPR, a Brazilian textile importer participated in the trial. 300cubits has introduced TEU tokens, described as the ” bitcoin of the shipping industry”, as a tool for solving the no-show bookings. The tool is a blockchain-based shipping deposit aimed at enforcing contra

A complete transformation of how ports operate is on the horizon, according to Bret Greenstein, Vice President of Watson Internet of Things (IoT), Consumer Offerings, IBM. Over the past few years, IBM has partnered up with industry majors such as Maersk Group and CMA CGM in order to digitize their ways of doing business. World Maritime News spoke with Mr. Greenstein on the digital transformation of the maritime industry and IBM’s role in the process on the back of the company

The age old problem of low levels of trust between importer and exporter when it comes to payment looks set to be alleviated by the adopting of “blockchain” technology in the banking system. Blockchain is the revolutionary concept behind the global sensation of the cryptocurrency, Bitcoin, and is the current darling of fintech. A growing number of start-up companies from around the world are vying for attention in the race to develop practical applications across a variety of