Global Shipping Business Network (GSBN), an independent not-for-profit technology consortium building a trusted digital platform to redefine global trade, welcomes the New Land-sea Corridor Operation Co Ltd (NLSC) as a new member, expanding the way for digitally integrated land and sea trade routes between Asia and Europe.
The New International Land-Sea Trade Corridor (ILSTC) is a major trade and logistics passage established jointly by China and ASEAN members. NLSC operates a pan-regional integrated transportation platform that orchestrates the transportation network between shipping ports in the east and south of China and the rest of Asia and Europe. NLSC operates a cross-regional integrated operation platform jointly built by the “13+2” provincial (autonomous regions, municipalities) government. It coordinates the operation of integrated corridor services and commences foreign exchanges and cooperation. NLSC harmonizes railways, highways, shipping, aviation and other resources to build domestic and international service networks. It aims to facilitate transportation and trade between countries in the Regional Comprehensive Economic Partnership (RCEP).
In May 2023, NLSC and COSCO Shipping Lines deployed GSBN’s Cargo Release in the Port of Chongqing, a dry port along the trade corridor. Cargo Release is a paperless solution which connects everyone involved at the port of import, including shipping lines, consignees and terminals, shortening the release procedure from 1-2 days to less than 4 hours.
Harnessing GSBN’s infrastructure, it is the first inland port to execute a paperless cargo release process over the blockchain, connecting the sea routes to rail on land. Following the successful deployment and harnessing of NLSC’s expansive coverage, Cargo Release is set to roll out across more dry ports across the ILSTC.
Following its membership to GSBN, NLSC will embark on a Proof of Concept using blockchain technology to streamline the recognition of its House Bill of Lading with Master Bills of Lading issued by carriers to generate value for stakeholders across the supply chain. The digitally powered operation’s benefits will include greater efficiency, transparency, and visibility from customers to financial institutions. Furthermore, the secure sharing of trusted data will enhance the trade finance process benefitting small to medium-sized businesses.
Bertrand Chen, CEO of GSBN, said, “To fully unlock the potential of new trade partnerships and routes, embracing digital technology and empowering even more stakeholders across the supply chain is important. For instance, solutions like electronic Bills of Lading can extend to cover House Bills of Lading and many other downstream workflows. We look forward to partnering with NLSC, which is facilitating one of the world’s most important trade corridors, and connecting with more different parties to expand the coverage of our infrastructure, technology and ecosystem.”
Wang Yupei, Chairman of NLSC, said, “The ILSTC is more than just a physical intercontinental logistics passage, but it is also a digital one ready to support the future of global trade. We look forward to deepening our collaboration with GSBN in digital logistics, trade, financing and more.
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