Today the Global Shipping Business Network (GSBN) confirmed it launched proofs of concept (PoCs) to integrate its blockchain network with trade finance platforms. Bank of China (Hong Kong), DBS Bank and HSBC are participating in the trials. Live pilots will follow the PoCs.
For both Letters of Credit and open account trade finance, it’s important to know when the cargo is loaded onto a ship, making bill of lading data critical. It is this electronic bill of lading (eBL) information that will be accessed via the GSBN network.
GSBN has previously partnered with blockchain network Contour for Letters of Credit and Hong Kong’s eTradeConnect for open account trade finance, but they did not participate in this Proof of Concept.
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