Through a press release, it was announced that Philippi Prietocarrizosa Ferrero DU & Uría will advise nine shipping companies that will promote uses of the Blockchain.
Philippi Prietocarrizosa Ferrero DU & Uría will advise nine companies in the maritime transport industry in Chile. In obtaining the approval of the FNE for the establishment of a joint venture that will aim at establishing and developing the GSBN (Global Shipping Business Network) platform. This platform seeks to promote the use of Blockchain technology in the maritime transport sector. This was made known by PPU through a press release.
The creation of the joint venture, seeks the development and commercialization of a solution for the digitalization of the commercial process associated to a maritime cargo shipment, through a new entity, with the objective of improving the visibility and the management of the documentation in the distribution chain of the shipments made at a global level.
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The main objective of the Joint Venture
The main purpose of the Joint Venture will be to establish and develop the Global Shipping Business Network platform („GSBN Platform“).
An initiative based on a blockchain technology solution that Bitcoin System platform aims to accelerate the development of digital solutions for current processes in the shipping industry. In particular, everything related to transport documentation and processes such as cargo release, and that will offer services to all stakeholders in the industry.
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Global Shipping Business Network
As for the GSBN platform, it can be considered as a service consisting of the development of activities that fall within the category of business application software for the management of supply chains within the information technology services industry.
On the other hand, the shipping constituents overlap their activities in the container shipping segment, and there are shipping agreements between some of them, or between them and other non-JV shipping companies, under different forms of cooperation and with different scope.
The shipping industry has been analysed and described by the National State Economic Prosecutor’s Office on several occasions. The relevant product market has been defined as the transport of cargo by container, segmented between dry cargo and refrigerated cargo on those routes where refrigerated cargo exceeds 10% of the volume of the cargo transported. As regards the relevant geographical market, this has been defined as each commercial route, determined by the range of ports served at the two ends of a service, and also distinguished by the directionality within each route.
It is also important to highlight that the use of the GSBN platform could be ruled out to facilitate coordination between the Shipping Constituents, considering that it is not expected that commercially sensitive information will be transferred through the GSBN Platform.
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This supports the design of the platform as a private blockchain solution, which implies that the information shared through it would allow the management of supply chains, will be transferred only on a permission basis. Indeed, it would only be accessible to the parties of the respective freight transaction (i.e. customer and shipping company and not to all Parties of the JV).
Participation of the most important companies in the shipping industry
However, this operation involves the most relevant companies in the maritime freight industry. It is led in PPU by free competition partner Ignacio Larraín together with associates Álvaro Espinosa, Gabriel Budnik and Matías Palma.
The operation, which is linked to maritime cargo transport and whose amount is confidential, was also submitted to the antitrust agencies of the United States, South Korea, Poland and Ukraine.