Philippi Prietocarrizosa Ferrero DU Uría will advise nine companies in the shipping industry in Chile. Obtaining approval from FNE to set up a joint venture to set up and develop the GSBN (Global Shipping Business Network) platform. The aim is to promote the use of blockchain technology in maritime transport. This was announced by PPU in a press release.
With the establishment of the joint venture, a digitization solution for the trading process in connection with the shipping of sea freight is to be developed and marketed by a new unitwith the aim of improving the visibility and management of documentation in the distribution chain of shipments made worldwide.
The main objective of the joint venture
The main purpose of the joint venture will be to set up and further develop the platform of the global business network for maritime transport (“GSBN Platform” for the English acronym for Global Shipping Business Network).
An initiative based on a blockchain technology solution that aims to accelerate the development of digital solutions for current processes in the shipping industry. In particular everything that has to do with transport documentation and processes such as the release of freight and offers services for all interested parties in the above-mentioned industry.
Global mail order network
The GSBN platform can be viewed as a service consisting of the development of activities categorized under the business application software category for supply chain management in the information technology services industry.
On the other hand, the shipping components overlap with their activities in the field of maritime transport of containers that exist between some of them or between them and with other shipping companies outside the JV, shipping agreements under different forms of cooperation and of different scope.
The shipping industry has been analyzed and described several times by the Economic Prosecutor’s Office after defining itself as the relevant product market for cargo transportation by containers and being split between dry cargo and refrigerated cargo on the routes the cargo was transported, with refrigerated cargo exceeding 10% of the volume of cargo carried . In relation to the relevant geographic market, this has been defined as any commercial route determined by the range of the ports served at both ends of a service and also differentiated by the direction within each route.
It is also important to note that it has been ruled out that the use of the GSBN platform will facilitate coordination between the shipping components, as it is not expected that commercially sensitive information will be transmitted via the GSBN platform.
What supports the design of the platform as a private blockchain solution, which implies that the information exchanged through it would enable supply chain management, is only transmitted on the basis of permits. In fact, it would only be accessible to the parties involved in the freight transport concerned (ie the customer and the shipping company and not all JV parties).
Participation of the most important companies in the shipping industry
However, the main companies in the maritime freight transport sector are participating in this operation. It is run at the PPU by the partner of the free competition, Ignacio Larraín, together with the employees Álvaro Espinosa, Gabriel Budnik and Matías Palma.
The operation, which is related to the shipping of cargo by sea and the amount of which is confidential, has also been submitted to the antitrust authorities of the United States, South Korea, Poland and Ukraine.