A CONSORTIUM of nine marine majors - carriers and terminal operators - have signed a letter of intent to establish a data sharing block chain system.

The nine companies will join forces to build standards for a platform with seamless connections to enable sharing and exchange of data in a timely manner, reports the American Journal of Transportation. 

Taiwan's Yang Ming has recently joined the group that has signed a Declaration of Intent with CargoSmart on the formation of a consortium to establish Global Shipping Business Network (GSBN) , a block chain-based open platform.

Alongside Yang Ming and CargoSmart, CMA CGM, Cosco, Evergreen, Orient Overseas Container Line and terminal operators DP World, Hutchinson Ports, PSA International and Shanghai International Port Group are also participating. 

The new platform, an ecosystem for the shipping community, will connect all stakeholders including ocean carriers, terminal operators, customs authorities, shippers and logistics providers to realise collaborative innovation and digital transformation in the supply chain.

The characteristics of shipping industry include various processes of physical distribution and cross-border data exchange. They have been trying to develop new technology to address the issues of international shipping processes and mass data sharing. 

The consortium will provide a platform to enhance the processes in supply chain and seek for opportunities to make improvement.