Hong Kong’s Global Shipping Business Network (GSBN) and Ant Group’s ZAN are partnering to tokenize bills of lading, a foundational document in trade finance. Using blockchain to tokenize this document could empower more access to alternative sources of finance for this market. Last year global trade finance reached $23.8 trillion, according to the International Chamber of Commerce.
GSBN is a non profit blockchain consortium aiming to digitize global trade. Participants include some of the world’s largest shipping carriers such as COSCO Shipping Lines, Hapag Lloyd, ONE and OOCL, as well as several major port operators.
Meanwhile, Alipay owner Ant Group, recently created the ZAN brand to offer dedicated web3 solutions for real world assets (RWA). One of ZAN’s roles in this partnership is to take electronic bills of lading issued on the GSBN network and tokenize them on multiple other blockchain networks.
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