In 20 minutes, the Global Shipping Business Network (GSBN) can pilot a transaction to unify consent collection and shipping data sharing using a blockchain-powered application, improving the speed of transactions.

As an independent, non-profit blockchain consortium founded by the world’s leading terminal operators and shipping lines, GSBN seeks to improve the accessibility of trade finance, especially for SMEs, through its exchange management application. Blockchain-enabled data.

According to the announcement:

“By providing banks with reliable shipping data, the consortium’s solution aims to ease the approval process and make trade finance more accessible to businesses.”

GSBN CEO Bertrand Chen believed that the pilot transaction had a positive aspect in the field of trade finance, saying:

“This pilot solves a major bottleneck in the industry and is a testament to the efficiency of the network in enabling reliable data exchange.”

He added:

“Trade finance is the lifeblood of global trade, and we hope this milestone can further break down the silos between market participants and financial institutions to benefit all parties and support the overall growth of the industry.”

The statement says that financial institutions can enjoy accessing a basket of reliable and immutable remittance data in a standardized and structured format. In addition, financial institutions can benefit from accurate and comprehensive shipping data to make informed decisions and better manage risk with greater visibility.

By sharing data in a structured format and the basis for automated verification you can reduce approval times from days to minutes.

Therefore, this partnership has become the first industry milestone in the global trade finance sector.

The pilot transaction was conducted in partnership with A&W Food Service (Hong Kong) Ltd, Hapag-Lloyd and Bank of China (Hong Kong) (“BOCHK”).

GSBN sees blockchain technology as a springboard to bridge the gap in the global trade finance space, which is estimated to reach $2.5 trillion by 2025.

James Ho, Deputy General Manager of BOCHK’s Banking Transactions Department, noted:

“BOCHK has been a long-term partner of the GSBN, striving to help bridge the trade finance gap. We are very proud to be one of the first to complete this pilot transaction and contribute to the global economy by making trade finance more accessible to businesses, especially SMEs.”

Meanwhile, India’s largest shipping port operator Adani Ports and Special Economic Zone (APSEZ) has adopted a blockchain-based platform jointly developed by IBM and Maersk to improve verifiability, reported Blockchain.News.

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