Global Shipping Business Network (GSBN), a pivotal player in fostering paperless, accessible, and sustainable global trade, has successfully concluded a pilot project with COSCO Shipping (COSCO), leveraging blockchain technology to issue traceable and verifiable green certificates.
In response to the growing emphasis on environmental responsibility within the shipping industry, major corporations are increasingly willing to invest in biofuel usage, seeking Greenhouse Gas (GHG) reduction claims or Green Certificates. To enhance the credibility and transparency of such claims, COSCO has collaborated with GSBN, a reputable neutral entity in the shipping sector, to introduce its Hi ECO blockchain-based shipping product.
GSBN utilizes its blockchain infrastructure to establish a direct link between the Proof of Sustainability (PoS) Certificate, documenting biofuel purchases by carriers, and the issuance of Green Certificates to corporations. This linkage ensures that each Green Certificate corresponds to a genuine biofuel purchase, thereby instilling confidence in the market. Moreover, the technology enables straightforward verification through attestation, allowing stakeholders to validate the authenticity of claims, thus bolstering credibility and trust among all involved parties.
However, this initial connection between Proof of Sustainability and Green Certificates represents just the beginning. The overarching objective is to meticulously document the entire biofuel procurement process, from source to consumption, on the GSBN blockchain. This vision aims to establish a transparent and unbroken chain of custody for biofuels, thereby safeguarding the integrity of environmental claims associated with biofuel usage.
Bertrand Chen, CEO of GSBN, expressed optimism about the completion of the pilot project with COSCO, emphasizing the importance of trusted data in measuring the impact of decarbonization efforts. Chen sees this milestone as a pivotal step towards ensuring the traceability and verifiability of green claims, fostering a virtuous cycle where the value of green shipping investments can be substantiated, thus encouraging further adoption over time.
Tang Wei, Manager of Strategic Customer Development & Maintenance at COSCO Shipping, highlighted the significance of the Hi ECO Certificate in aligning with the company’s commitment to emissions reduction across the entire Well to WAKE cycle. Wei underscored the role of GSBN as a neutral party, providing assurance of fairness and equity through its blockchain-enabled platform, thus ensuring immutability and traceability for customers.
The completion of this pilot project not only signifies a significant advancement in the integration of blockchain technology within the shipping industry but also underscores the collective commitment towards fostering sustainable practices and reducing carbon emissions.
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