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2020-10-21

Chile: shipping companies connect in blockchain

The Chilean National Economic Prosecutor's Office, or FNE, has given permission to nine national maritime freight companies to form a joint venture to develop a blockchain platform, the first of its kind in the region.

According to MundoMaritimo.cl, this platform will be called the Global Shipping Business Network, or GSBN. Its goal is to handle all processes related to maritime cargo, such as document issuance and cargo clearance, as well as other services.

It is expected that this solution will also be offered to other companies in the industry, and not only those involved in its development. According to the resolution issued by FNE, CMA CGM, Cosco Shipping Lines, Cosco Shipping Ports, SIPG, Hapag-Lloyd, Hutchison Ports, OOCL, PSA and Qingdao Port will be responsible for the development of GSBN. The budget for development of the Blockchain platform has not been disclosed.

The project has been presented to competition agencies in the United States, South Korea, Poland and Ukraine, but there have been no reports of their opinions on the platform since the press.

The companies involved in the project were advised by Philippi Prietocarrizosa Ferrero DU & Uría (PPU), led by Free Competition partner Ignacio Larraín together with colleagues Álvaro Espinosa, Gabriel Budnik and Matías Palma, who are well-known players in the local transport industry.