Today, a new consortium of ocean freight carriers announced their plans to develop their own blockchain network to compete with the IBM/Maersk TradeLens platform.

Ocean Alliance is a joint service offered by a number of Pacific-focused cargo companies, including CMA CGM, Cosco, Evergreen Marine, OOCL and Yang Ming. Currently they transport approximately 33% of global shipping capacity. Their blockchain consortium, called the Global Shipping Business Network, will be powered by OOCL-funded, Hong Kong-based software company CargoSmart. Their first test will launch in December of 2018.

Read more here.