Global Shipping Business Network Concludes Trial of Blockchain Data Sharing App
Global Shipping Business Network (GSBN), a blockchain consortium established by a coalition of shipping lines and terminal operators, has completed a trial transaction including the consent-based collecting and exchange of shipping data on its new GSBN Data Sharing Management Application. In collaboration with Bank of China (Hong Kong) (BOCHK), Hapag-Lloyd, and A & W Food Service, the pilot transaction was completed in approximately 20 minutes, marking a major step forward for the blockchain network in its mission to provide banks with verifiable shipping data to streamline approval processes and make trade finance more accessible.
The GSBN Data Sharing Management App comprises a blockchain-enabled application that enables firms to offer permission and direct carriers to exchange verified shipping data through the App. This will enable financial institutions to access this unchangeable shipping data in a standardized and organized way in order to make financing choices. GSBN states that sharing the data in a standardized manner should also enable the development of new automated verification systems, which might shorten approval timeframes from days to minutes.
Dr. Dirk Reiß, Senior Director, IT at Hapag-Lloyd, one of the GSBN’s founding businesses, said, “Enabling trustworthy data exchange is vital for allowing a seamless trade finance process, and it has long been a significant barrier in the supply chain sector.”
“As an innovative shipping firm, we are thrilled to have completed this test transaction using GSBN’s platform for unified consent gathering and shipping data exchange. We think this has significant implications for many organizations and will further accelerate the industry’s digital transition.”