GSBN’s blockchain network aims to eliminate paper documentation in maritime trade processes, starting with Cargo Release, which launched in July 2021. All three banks are members of Contour, the trade finance blockchain network with which GSBN has already partnered.
There are multiple potential ways this trust can be addressed, one of which is the ability for the bank to have transactions and documents such as bills of lading verified via a trade platform like GSBN. Blockchain and big data will is also generating new types of credit ratings. Another suggestion from the OECD is a Global Value Chain (GVC) Passport which will help address compliance issues.
Every day we send out a free e-mail with the most important headlines of the last 24 hours.
Subscribe now
We welcome comments that add value to the discussion. We attempt to block comments that use offensive language or appear to be spam, and our editors frequently review the comments to ensure they are appropriate. If you see a comment that you believe is inappropriate to the discussion, you can bring it to our attention by using the report abuse links. As the comments are written and submitted by visitors of the The Paypers website, they in no way represent the opinion of The Paypers.