Revolutionizing Supply Chains: The Future of Blockchain in Global Trade

Rethinking Blockchain in Shipping

Despite a setback with Maersk dropping its blockchain-based platform, the logistics world hasn’t rolled over and played dead. In fact, Hong Kong’s Global Shipping Business Network (GSBN) is rallying the hashtag #TeamBlockchain and is convinced that blockchain isn’t just a fad, but an essential part of the long-term logistics toolkit.

The Big Players on the Block

GSBN is not here to play small; it’s currently operating one of the largest shipping platforms around, an alternative to Maersk’s TradeLens. This isn’t your typical blockchain setup, oh no! This is a permissioned blockchain, where only those with the magic password (well, authorization) can play in the sandbox of shipping data.

Who’s Onboard?

• Cosco
• Orient Overseas Container Line
• Hapag-Lloyd
• Terminal operators like Hutchison Ports and PSA International

Just so you know, of these players, only Hapag-Lloyd and PSA snagged their tickets from outside the realm of mainland China or Hong Kong.

Looking Ahead: The Decade of Blockchain

According to GSBN’s head honcho, Bertrand Chen, the future is notoriously hard to predict, but he’s got a bold forecast. He believes blockchain isn’t just hanging around; rather, it’s gearing up for a grand entrance into the logistics world. Chen firmly states that by 2032, global trade will not be using anything that looks remotely like a pencil and paper.

Blockchain: The Solution to Supply Chain Woes

Chen posits that the chaos stemming from COVID-19 actually opened the doors for blockchain innovation. He quips, “Better than NFTs of digital art, we’ve got NFTs of documents for global trade!” It’s hard not to chuckle at that, but there might be some merit behind the humor. This could indeed be where blockchain finds its sweet spot.

China: The Blockchain Powerhouse

Let’s talk about the elephant in the room: China. With cash being pumped into blockchain logistics like it’s Black Friday, Chen argues that China is the go-to country for blockchain investment and innovation. The country’s strategy could pave the way for GSBN to find even more partners on a global scale.

Seeking European Allies

Not one to rest on its laurels, GSBN has global aspirations, eyeing European shipping lines like a kid eyeing a candy store. Even Maersk is on their wishlist, although Chen admits that winning over the logistics giant might take a bit of a miracle.

Hong Kong: The New Crypto Playground

As GSBN makes waves, Hong Kong is proving to be a significant player in the Web3 and cryptocurrency space. With regulations finally taking shape, the city is embracing the future, even if the mainland is still navigating a crypto ban. It appears that some state-owned enterprises are quietly dipping their toes into crypto waters—stay tuned, folks!