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Industry builders have not given up on blockchain applications in global trade after the Danish logistics company Maersk discontinued its blockchain-based supply chain platform last year. The non-profit Global Shipping Business Network (GSBN), which is based in Hong Kong and focuses on blockchain trade applications, is optimistic about blockchain's long-term role as an essential logistics tool.
GSBN launches blockchain-powered shipping platform to help container owners and shippers
As an alternative to Maersk's TradeLens tool, The South China Morning Post, GSBN currently operates one of the largest platforms in the world. A permissioned blockchain with strong data governance is the foundation of the platform, allowing only authorized parties to contribute and consume shipping-related data. GSBN has enlisted significant shipping partners like Cosco, OOCL, and Hapag-Lloyd since launching its blockchain-based shipping platform. Additionally, the organization has formed alliances with terminal operators such as PSA International, Hutchison Ports, SPG Qingdao Port, Shanghai International Port Group, and Cosco Shipping Ports. Only German Hapag-Lloyd and Singaporean PSA International are based outside of mainland China or Hong Kong among the members. Bertrand Chen, CEO of GSBN, is confident that blockchain still hasn't caught on in the industry, and that its adoption may take another decade, despite major industry firms like Maersk terminating similar projects.
Chen said China was taking the lead in blockchain logistics due to its large middle-class
Chen asserted that there is no chance that global trade will continue to use "pen and paper," arguing that the clear understanding of a lot of people is that this industry has digitized. China was taking the lead in blockchain logistics because the country has been pouring money into the industry. Blockchain has the potential to help the industry transform in response to supply issues like COVID-19.
HONG non-profit GSBN looking to attract more European shipping lines
The CEO of GSBN mentioned the organization's global ambitions and its efforts to attract additional European shipping lines. Chen mentioned that the non-profit even has the goal of one day joining Maersk, though it acknowledges that such a scenario "may be slightly challenging." With the local government taking action to adopt clear industry regulations, Hong Kong has been increasingly emerging as a major Web3 and cryptocurrency hub over the past few months. State-owned companies like CPIC launched a crypto-related fund, despite China's blanket ban on cryptocurrency. However, there are reportedly some Chinese government-related businesses that are becoming more interested in investing in cryptocurrency.