Hong Kong takes the lead in blockchain logistics after Maersk TradeLens demise

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After Danish logistics agency Maersk terminated its blockchain-based provide chain platform final 12 months, trade builders haven’t given up on blockchain purposes in international commerce.

Hong Kong-based World Delivery Enterprise Community (GSBN), a non-profit consortium targeted on blockchain commerce purposes, is bullish on blockchain as an important logistics software in the long run.

In keeping with a report by The South China Morning Put up, GSBN at present operates one of many world’s largest platforms that may be described as a substitute for Maersk’s TradeLens software. The platform relies on a permissioned blockchain with robust information governance, permitting solely licensed events to contribute and devour shipping-related information.

Since launching its blockchain-based delivery platform in 2021, GSBN has tapped main delivery companions like Cosco, OOCL and Hapag-Lloyd. The group has additionally reached partnerships with terminal operators like Hutchison Ports, SPG Qingdao Port, PSA Worldwide, Shanghai Worldwide Port Group and Cosco Delivery Ports.

Among the many members, solely German Hapag-Lloyd and Singaporean PSA Worldwide aren’t based mostly in mainland China or Hong Kong.

Regardless of main trade companies like Maersk terminating related initiatives, GSBN CEO Bertrand Chen is assured that blockchain is but to catch on within the trade, however its adoption might take one other decade.

“I feel for lots of people, the clear understanding is that this trade has digitized,” Chen mentioned, arguing that there’s no probability that international commerce will proceed utilizing “pen and paper” by 2032. In keeping with the exec, blockchain has potential to assist the trade rework in response to triggers of provide points like COVID-19. He said:

“Due to COVID-19, as a result of you need to change the method, I feel this is likely one of the common use circumstances of blockchain […] Most likely that’s higher than NFTs of digital artwork. NFTs of paperwork for international commerce — this would be the actual killer use case.”

The chief advised that China was taking lead in blockchain logistics as a result of the nation has been pouring cash into the trade. He additionally acknowledged that many native blockchain options have thus far been extremely particular to China.

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“Once you throw a lot cash in a single sector as a result of it’s a coverage, you’re sure doubtlessly to have the ability to get fortunate,” Chen mentioned. He added that China’s funding in blockchain growth would positively profit GSBN by producing extra potential companions for the agency.

GSBN CEO additionally famous that the group has international ambitions and is working to draw extra European delivery strains. The nonprofit even hopes to onboard Maersk in the future, however admits that such a situation “could also be barely difficult,” Chen famous.

Hong Kong has been more and more rising as a significant Web3 and cryptocurrency hub over the previous few months, with the native authorities taking motion to undertake clear trade rules. Regardless of a blanket ban on crypto in China, some Chinese language government-related companies have reportedly been rising desirous about crypto funding, with state-owned companies like CPIC launching crypto-related funds in early April.

Journal: Asia Categorical: Zhu Su’s trade did $13.64 in quantity akshually, Huobi