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.
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