Global Shipping Business Network (GSBN) has welcomed 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 not-for-profit technology consortium building a trusted digital platform to redefine global trade said 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.

"Benefits of the digitally powered operation will include greater efficiency as well as more transparency and visibility from customers to financial institutions," GSBN said, adding that the secure sharing of trusted data will also enhance the trade finance process benefitting small to medium-sized businesses.

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 which orchestrates the transportation network between shipping ports in the east and south of China with the rest of Asia and Europe.

GSBN noted that NLSC harmonizes railways, highways, shipping, aviation and other resources to build domestic and international service networks — and aims to facilitate transportation and trade between countries that are part of 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.

GSBN noted that 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.

Through GSBN's infrastructure, it became the first inland port to execute a paperless cargo release process over the blockchain, connecting the sea routes to rail on land.

GSBN noted that following the successful deployment and harnessing NLSC's expansive coverage, Cargo Release is set to roll out across more dry ports across the ILSTC.

"To fully unlock the potential of new trade partnerships and routes, it is important to embrace digital technology and empower even more stakeholders across the supply chain. For instance, solutions like electronic Bills of Lading can extend to cover House Bills of Lading and many other downstream workflows," said Bertrand Chen, CEO of GSBN.

"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," he added.

Wang Yupei, chairman of NLSC for his part, explained that the ILSTC is more than just a physical intercontinental logistics passage, it is also a digital one ready to support the future of global trade.

"We look forward to deepening our collaboration with GSBN in areas such as digital logistics, trade, financing and more," Yupei said.