COSCO SHIPPING Lines and Global Shipping Business Network (GSBN) have been collaborating to launch HI-ECO, a blockchain-based shipping product.
“This innovation provides traceable and verifiable green certificates to accelerate global trade decarbonization,” said COSCO in a statement.
GSBN utilizes its blockchain network to store Proof of Sustainability (PoS) for biofuels, ensuring that each green certificate accurately corresponds to the actual use of purchased biofuels and enhancing market confidence.
In addition, customers and counterparties can use GSBN to verify the authenticity of green certificates, fostering trust among all parties involved in the transportation process.