Chile’s National Economic Prosecutor’s Office, or FNE, has approved nine national shipping companies for a joint venture to develop a blockchain platform, the first of its kind in the region.

According to Mundo Maritimo, the platform will be called the Global Shipping Business Network or GSBN. It aims to perform all operations related to maritime transport such as issuing documents and clearing goods, among other services.

It is also expected that the solution will be offered to other companies in the industry, not just those involved in the development. According to the decision of the national agency, 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 the global transport network. The development budget of the blockchain platform has not been disclosed.

Confidential information is not expected to be transferred commercially through the GSBN blockchain platform, and Cointelegraph Spanish said that this means it could allay concerns that using the GSBN platform could facilitate “coordination” between ship components.

The draft was submitted to antitrust agencies in the United States, South Korea, Poland and Ukraine, but their views were not published on the platform at the time of publication of this report.

The companies involved in the project were under the control of Filippa Prietocarrisos Ferrero DU & Uria, led by independent competition partner Ignacio Larrain, as well as the subsidiaries affililvaro Espinosa, Gabriel Budnik and Matias Palma, who are renowned players in the domestic cargo industry.

The Port of Rotterdam in the Netherlands recently launched a blockchain-based pilot project with some of the world’s leading shipping companies to improve the safety and efficiency of the millions of containers offloaded into the port every year.

Source: CoinTelegraph