Within 20 minutes, Global Shipping Business Network (GSBN) is able to undertake a pilot transaction of unifying the consent collection and sharing of shipping data using a blockchain-powered application, enhancing the speed of transactions.
As an independent and not-for-profit blockchain consortium founded by major global terminal operators and shipping lines, GSBN seeks to enhance trade finance accessibility, especially for SMEs, through its blockchain-enabled data-sharing management application.
Per the announcement:
“By supplying banks with trusted shipping data, the consortium’s solution aims to facilitate approval process and make trade finance more accessible to corporates.”
GSBN’s CEO Bertrand Chen believed that the pilot transaction painted a positive in the trade finance arena and said:
“This pilot solves a major bottleneck in the industry and is a testament to the efficiency of the network in enabling trusted data sharing.”
He added:
“Trade finance is the lifeblood of...
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