A group of operators in Hong Kong running blockchain trade applications are taking a long-term positive approach towards blockchain logistics.
Sentiments regarding blockchain logistics in Hong Kong are positive despite the closure of Maersk TradeLens last year. The Global Shipping Business Network (GSBN), which is a consortium mainly focusing on blockchain trade applications, is running a large platform as an alternative to the TradeLens tool. The platform of GSBN is on a permissioned blockchain with robust data governance, allowing shipping-related data to be only accessed by authorized parties.
The new platform was launched in 2021 and currently has several reputed partners, such as Hapag-Lloyd, Orient Overseas Container Line and Cosco. Upcoming partnerships with major operators in the space include those with PSA International, Shanghai International Port Group, Cosco Shipping Ports, SPG Qingdao Port and Hutchison Ports.
“Because of COVID-19, because you have to change the process, I think this is one of the regular use cases of blockchain […] Probably that’s better than NFTs of digital art. NFTs of documents for global trade — this will be the real killer use case,” said the CEO of GSBN, Bertrand Chen, referring to how blockchain could help the shipping industry tremendously, even so after COVID, replacing the traditional use of pen and paper.
Chen hoped that China would take the lead in blockchain logistics, also because the country has been investing huge sums in the shipping industry. Its further investment in blockchain development could surely help the adoption of the technology grow manifold, according to Chen.
The latest development is an addition to the numerous steps Hong Kong has taken for the growth of the crypto space in the region.