Global Shipping Business Network (GSBN), a consortium enabling efficient, paperless and sustainable growth in global trade with its data infrastructure and ecosystem of partners, has signed a Memorandum of Understanding (MoU) with ZAN to explore technical innovations for tokenising the electronic Bill of Lading (eBL) with the support of Hong Kong’s Web3 environment.
As a technology division under Ant Group Digital Technologies, ZAN is dedicated to providing dependable and cost-effective technical solutions and services for the development of blockchain applications to the Web3 community.
This announcement was unveiled at the fintech conference Hong Kong FinTech Week.
Today, 99% of global trade is still being conducted using paper documents with over 45 million Bills of Lading couriered around the world every year to ensure shipments keep moving.
However recent developments including advances in blockchain technology, and the enactment of Electronic Trade Documents Act in 2023 in the United Kingdom, have seen the shipping industry accelerate its adoption of electronic Bills of Lading (eBLs) with nine of the largest shipping lines committing to full adoption by 2030.
One of the key use cases for Web3 is the tokenisation of Real-World Assets that can unlock tangible economic value and new financing opportunities.
In this case, a tokenised eBL can pave the way to secure the world’s US$25 trillion trade flows and bridge the global trade finance gap which is estimated to currently stand at US$2.5 trillion, according to the Asian Development Bank.
