Global Shipping Business Network (GSBN), a blockchain consortium founded by major container lines and global terminal operators, has reached a milestone in successfully unifying the consent collection and sharing of shipping data on the GSBN Data Sharing Management Application.
In collaboration with Bank of China (Hong Kong), German ocean carrier Hapag-Lloyd and A & W Food Service (Hong Kong) Ltd, the pilot transaction was completed in under 20 minutes.
GSBN noted that with an increasingly challenging economic environment, it is important to increase the accessibility of trade finance, particularly to Small and Medium Enterprises (SMEs), while according to the World Economic Forum, the global trade finance gap is widening and is estimated to reach US$2.5 trillion by 2025.
GSBN’s Data Sharing Management App offers a blockchain-enabled application which allows SMEs to easily provide consent via the App and instruct carriers to share verified shipping data, according to a statement.
With this consent, financial institutions can now gain access to a basket of shipping data in a standardised and structured format, according to GSBN, which said that with higher visibility, financial institutions can benefit from accurate and complete data to make informed decisions and better manage risk.
"By sharing data in a structured format, we have also laid the foundation for automated checking, which can reduce approval times from days to minutes," added the consortium.