COSCO pilot uses blockchain to verify decarbonisation efforts

Hong Kong-based consortium Global Shipping Business Network (GSBN) has concluded a pilot project with China’s COSCO Shipping to issue traceable and verifiable green certificates using blockchain technology.

COSCO has partnered with GSBN to launch its Hi ECO blockchain-based shipping product. GSBN uses its blockchain-enabled network to establish links between the Proof of Sustainability certificate, which documents the purchase of biofuel by the carrier, and Green Certificates issued to corporations.

According to GSBN, this connection guarantees each Green Certificate corresponds to an actual purchase of biofuel to establish a chain of purchase. Easier verification through attestation is expected to increase stakeholder confidence in the process and validate the veracity of the claims.

Establishing a connection between the Proof of Sustainability and the Green Certificate is the first step towards a larger goal of documenting the entire biofuel procurement process, from its source to its consumption, on the GSBN blockchain.

GSBN said its vision is to create a transparent and continuous chain of custody of biofuels, to establish integrity in environmental claims linked to biofuel.

In 2021, GSBN rolled out its first application in China, the blockchain-operated Cargo Release, which was picked up by COSCO, OOCL and SIPG.

GSBN chief executive Bertrand Chen said, “Measuring the impact of decarbonisation requires access to trusted data. The completion of this pilot with COSCO is a positive step towards ensuring that green claims are traceable and verifiable.”

“We look forward to working with our members and partners to deploy even more solutions to assist their decarbonisation transition.”

COSCO strategic customer developing and maintaining department manager, Tang Wei said, “The Hi ECO Certificate complements our commitment to reducing emissions throughout the entire well-to-wake cycle, and underpins the value we aim to provide our customers through green shipping. This pioneering solution has been further guaranteed to be fair and equitable through GSBN which serves as a neutral party, and through its blockchain-enabled platform, provides our customers assurance of immutability and traceability.

Source: rivieramm.com

Hello there! I'm a 21-year-old university student majoring in Finnish and Korean Language and Literature. I have a deep passion for art and a profound connection to the natural world. My journey through life has been a colorful one, driven by my love for creativity, music, and the wonders of the great outdoors. As a dedicated student, I've already earned a degree in Classic Cantos, a testament to my appreciation for the timeless beauty of classical music. Beyond the classroom, my artistic spirit thrives through my love for painting and drawing. These creative outlets allow me to express my thoughts and emotions, transforming blank canvases into vibrant stories. My interests go far beyond music and art. Singing, playing the piano, and exploring new melodies are integral parts of my life, providing me with both solace and exhilaration. When I'm not immersed in the world of art and music, I find solace in nature's embrace. My heart is drawn to animals and the serene beauty of the natural world, fueling my desire to protect and preserve our precious environment.
Hipther

FREE
VIEW