Global transport company COSCO Shipping Lines has completed a pilot in Hong Kong using blockchain technology for not-for-profit consortium Global Shipping Business Network (GSBN) to issue traceable green certificates for biofuel use.
GSBN’s blockchain network links Proof of Sustainability (PoS) certificates, which document biofuel purchases by the carrier, and Green Certificates issued to corporations.
“The completion of this pilot with COSCO is a positive step towards ensuring that green claims are traceable and verifiable,” GSBN Bertrand Chen said on 2 April.
However, linking the PoS and the Green Certificate was only the first step and GSBN said its aim was to create a transparent and continuous chain of custody for biofuels.
GSBN’s network includes shipping lines, terminals, banks, application developers and other consortia.
Formed by the merger China Ocean Shipping (Group) Company (COSCO) and China Shipping (Group) Company (China Shipping), Shanghai-headquartered COSCO Shipping Lines’ operations include domestic and international maritime container transport services.
Operating 403 international and domestic shipping routes covering 602 ports in 144 countries, the company’s fleet comprises 503 container vessels.
