Free Porn
23.9 C
Friday, July 19, 2024
Home News GSBN completes PoC using confidential computing to transform global trade finance

GSBN completes PoC using confidential computing to transform global trade finance

Global Shipping Business Network (GSBN) completes a ground-breaking proof-of-concept (PoC) with the British multinational universal bank and financial services holding company HSBC to harness confidential computing technology through Decentriq Data Clean Rooms to transform global trade finance.

GSBN is an independent, not-for-profit technology consortium building a blockchain-enabled operating system.

The financing gap is estimated to reach US$2.5 trillion by 2025, according to the World Economic Forum. One of the reasons why funding applications are rejected is due to the lack of information from the requesting entities.

HSBC, as one member of GSBN’s Trade Finance Advisory Group, has responded to the unmet demand by collaborating on a number of solutions and proof-of-concepts that harness trusted digital data from the supply chain.

Moreover, confidential computing is the latest in privacy-enhancing technology designed to protect data at the hardware level. While GSBN’s platform is built upon blockchain technology with strict access policies, there are scenarios that require more complex data collaboration processes.

Additionally, in the latest proof-of-concept, synthetic shipment details provided by carriers via GSBN are aggregated and processed in the clean room, where HSBC can access the statistics to gain a better understanding of customers’ shipping activities, i.e., number of shipments, distribution of cargo nature, and average cargo quantity, etc.

Aditya Gahlaut, HSBC managing director and head of Global Trade and Receivables Finance, Hong Kong and Macau, commented, "Alternative data opens a new path to simplifying trade finance as it allows banks to gain more timely, accurate and relevant insights of clients’ activities."

Latest Posts

Two tankers on fire in Singapore after collision

Fire broke out on two tankers in Singapore waters today (19 July). The Maritime and Port Authority of Singapore (MPA) said that at 6.15am...

MSC commences inaugural flight from Milan to Hong Kong

MSC Air Cargo has announced the launch of its first commercial flight from Italy's Milan Malpensa Airport (MXP) to Hong Kong International Airport (HKG). The...

Evergreen vessel marks draft-record in Zeebrugge

Evergreen's container vessel Ever Greet successfully docked in the West Flanders port in Zeebrugge, Belgium on 17 July. Below the water level, the boxship of...

India launches maritime centre

India's Ministry of Ports, Shipping, and Waterways (MoPSW) is establishing the India Maritime Centre (IMC), a significant initiative under the Maritime India Vision 2030. In...

Maersk applies new PSS from Tunisia to West Africa

Maersk is introducing a Peak Season Surcharge (PSS) for all dry containers from Tunisia to West Africa destinations effective from 2 August. The Peak Season...