The Global Shipping Business Network (GSBN), a blockchain-based supply chain platform for the exchange of digital documents, has partnered with trade finance network Contour to offer an end-to-end digital system connecting trade documents with finance processes.
GSBN’s operating system, and its Cargo Release product, allow for the sharing of verified logistics and cargo data on the blockchain. The partnership with Contour’s network, which digitises paper-based trade finance processes such as Letters of Credit (LCs), will improve interoperability for users of both systems and make workflows more efficient.
“Today’s global shipping industry is struggling to keep up with the rising complexities of supply chains, markets and economies. Digital transformation is key to addressing these challenges, but this can only be achieved by breaking down the different silos in the supply chain,” said Bertrand Chen, CEO at GSBN.
“This partnership with Contour breaks down another silo by connecting the physical supply chain to the underlying financial system. This will pave the way for more trusted collaboration between market participants, as well as a more efficient and resilient global supply chain.”
Based in Hong Kong, GSBN is a not-for-profit technology consortium whose founding members comprise shipping lines and terminal operators including COSCO SHIPPING LINES, COSCO SHIPPING Ports, Hapag-Lloyd, Hutchison Ports, OOCL, SPG Qingdao Port, PSA International and Shanghai International Port Group.