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Ships carry over 80% of the world's traded goods. But in the last two years, more than half have been delayed, with increasing congestion compounding the problem.
Blockchain could help speed up processing, but the complex legal requirements of multiple jurisdictions made the implementation of this new technology at a global scale the least of the challenges.
PwC's community of solvers from legal, consulting and tech joined together to help some of the world's biggest shipping and port organisations navigate technology and regulation to improve data processing.
The result? The groundbreaking Global Shipping Business Network or GSBN, a joint venture operating on a non-profit basis to revolutionise the shipping industry.
Blockchain technology has reduced cargo documentation processing time from days to hours, with more innovations currently being trialed.