GSBN has signed a Memorandum of Understanding with ZAN to explore technical innovations for tokenising the electronic Bill of Lading with the support of Hong Kong’s Web3 environment, to unlock new economic values for participants in global trade, reports Ledger Insights.
Tokenizing bills of lading
As a technology brand of Ant Group Digital Technologies, ZAN brings reliable and cost-efficient technical products and services for blockchain application development to the Web3 community. This comes at a time when there is growing investment and focus in Web3 development in Asia, particularly in Hong Kong which is establishing itself as an integrated international finance and digital asset hub.
One of the key use cases for Web3 is the tokenisation of Real-World Assets that can unlock tangible economic value and new financing opportunities. In this case, a tokenised Bills of Lading (eBLs) can pave way to the securitisation the world’s $25 trillion trade flows and bridge the global trade finance gap which is estimated to currently stand at $2.5 trillion according to the Asian Development Bank.
Bertrand Chen, CEO at GSBN, said, “We are in the right place at the right time. The move towards eBL is already a major leap for the industry but together with tokenisation, we can go one step further. Together with ZAN, we will explore tokenising the rights to these shipments with the aim of unlocking an entirely new asset class. From here, we can create new securitisation opportunities to bridge the world’s trade finance gap and create the foundations for novel business models.”
Zhang Hui, CEO of ZAN, said, “Blockchain-powered trusted data infrastructure brings an ideal foundation for promoting digitalised industry collaboration and addressing some of the stickiest challenges in the shipping industry. We are excited to partner with GSBN to leverage Web3 technologies to improve the efficiency and reliability and explore new frontiers of global trade.”
Did you subscribe to our daily newsletter?
It’s Free! Click here to Subscribe!
Source: Ledger Insights
