Global Shipping Business Network (GSBN) has signed a Memorandum of Understanding (MoU) with ZAN to explore technical innovations for tokenising the electronic Bill of Lading (eBL) with the support of Hong Kong’s Web3 environment.
The announcement was made during Hong Kong FinTech Week, emphasizing the growing investment and focus on Web3 development in Asia, particularly in Hong Kong, as it establishes itself as an international finance and digital asset hub.
What is the Global Shipping Business Network?
GSBN aims to enable and accelerate the digital transformation of the shipping industry, through the setup of a Data Exchange Platform, which enables the shipping industry to improve its resilience by:
- Facilitating better digital connection and collaboration between stakeholders
- Improving the visibility to enhance sustainability and reliability of operations
- Creating a data utility platform to unlock the value of digital transformation for all
Together with ZAN, we will explore tokenising the rights to these shipments with the aim of unlocking an entirely new asset class. From here, we can create new securitisation opportunities to bridge the world’s trade finance gap and create the foundations for novel business models.
… said Bertrand Chen, CEO at GSBN
Furthermore, according to GSBN, a significant use case for Web3 technology is the tokenization of Real-World Assets, which can unlock tangible economic value and new financing opportunities. Tokenized eBLs have the potential to securitize the world’s $25 trillion trade flows and address the estimated $2.5 trillion global trade finance gap according to the Asian Development Bank.
Blockchain-powered trusted data infrastructure brings an ideal foundation for promoting digitalised industry collaboration and addressing some of the stickiest challenges in the shipping industry.
… noted Zhang Hui, CEO of ZAN
