Cosco and Global Shipping Business Network (GSBN) have completed a pilot project to issue traceable, verifiable green certificates through their blockchain platform.
The Hi ECO shipping product launched by the Chinese giant in collaboration with the non-profit technology consortium uses blockchain technology to establish a direct link between the Proof of Sustainability (PoS) certificate, which documents the carrier’s acquisition of biofuel, and the green certificates issued to companies.
“This connection guarantees that each Green Certificate corresponds to an actual purchase of biofuel,” GSBN explained in a press release. “Furthermore, the technology enables easy verification through attestation, allowing stakeholders to validate the veracity of the claims. This enhances credibility and establishes a foundation of trust among all participants involved in the shipping process.”
“Measuring the impact of decarbonization requires access to trusted data,” explains GSBN CEO Bertrand Chen. “The completion of this pilot project with COSCO is a positive step towards ensuring that green claims are traceable and verifiable.” Mr. Chen said GSBN looked forward to working with their members and partners to deploy even more solutions to assist their decarbonization transition.
Tang Wei, Strategic Customer Developing & Maintaining Department Manager at COSCO Shipping said that “The Hi ECO certificate complements our commitment to reducing emissions throughout the entire Well to WAKE cycle.” Moreover, “this pioneering solution has been further assured as fair and equitable through GSBN acting as a neutral party and through its blockchain-enabled platform, provides our customers with the assurance of immutability and traceability.”
Translation by Giles Foster
