Blockchain technology continues to evolve on its path to dominating more and more industries worldwide.

Earlier this week, at the Shanghai’s International Import Expo, nine leading terminal operators and shipping companies have executed a Memorandum of Understanding (MoU). The alliance has been named the Global Shipping Business Network (GSBN).

According to the report by the industry’s leading source, The Maritime Executive, the alliance is planning to launch an open digital platform based on distributed ledger technology (DLT).

CargoSmart, a Hong Kong-based company that specializes in shipping and logistics, is developing the software solution for the network, scheduled to be launched in December 2018. The blockchain solution will allow shippers to organize their dangerous goods documentation digitally, automatically connecting with all relevant parties to expedite the approval process.

The new blockchain alliance involves such shipping giants as PSA International, one of the largest port operators, as well as Shanghai International Port Group, China’s leading operator. Other participants involve leading shipping companies in China and beyond, including French shipping group CMA CGM S.A and Yang Ming Marine Transport Corporation, an ocean shipping company based in Taiwan.