Global Shipping Business Network (GSBN) reached an industry-first 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) (BOCHK), Hapag-Lloyd and A & W Food Service, the pilot transaction was completed in under 20 minutes. 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 Data Sharing Management App offers a blockchain-enabled application which allows SMEs to provide consent via the App and instruct carriers to share verified shipping data.
With this consent, financial institutions can now gain access to a basket of trusted and immutable shipping data in a standardised and structured format.
“With higher visibility, financial institutions can benefit from accurate and complete shipping data to make informed decisions and better manage risk. By sharing data in structured format, we have also laid the foundation for automated checking, which can reduce approval times from days to minutes,” said GSBN.
This pilot solves a major bottleneck in the industry and is a testament to the efficiency of the network in enabling trusted data sharing
Bertrand Chen, CEO at GSBN, stated.
