Faster goods release

Global Shipping Business Network, a nonprofit data exchange platform established in 2021 in Hong Kong, set up a pilot blockchain program in September to provide verified shipping data to banks, so that enterprises can get approval of loan applications quickly.

The GSBN resolves supply-chain kinks by leveraging blockchain technology. Shipping lines and port operators around the world, including those in Hong Kong, Shenzhen, Singapore and Thailand, have joined its network.

"Blockchain enables better document data exchange online between shipping agents, customs authorities, terminal operators, importers, and truckers transporting the goods," said Bertrand Chen, CEO of GSBN.