Project

A. General Information

1. Title

Global Shipping Business Network (GSBN): eBL Exchange

2. Status of the project
Pilot
3. Implementation period of the project/service:
From
Mar-2021
To
--
4. Website
https://gsbn.trade/
5. Geographical coverage
Global: Europe, Asia and the Pacific, Latin America
Participating countries: Germany, Netherlands, China, Hong Kong, China, Malaysia, Singapore, Colombia, Mexico
Hub Point: Hong Kong, China
6. Participating agencies/entities of the project/service:
a. Development stage
Lead agencies/entities
CargoSmart Limited (technology provider); GSBN founding shareholders
Other participating agencies/entities
Oracle, Microsoft, AntChain, Alibaba Cloud (technology partners); Hyperledger Foundation
b. Operational stage
Lead agencies/entities (op)
Global Shipping Business Network (GSBN)
Other participating agencies/entities (op)
- Carriers: COSCO SHIPPING Lines, COSCO SHIPPING Ports, Hapag-Lloyd, OOCL, COSCO Shipping Specialized Carriers, Ocean Network Express (ONE)
- Terminal Operators: Hutchison Ports, PSA International, SPG Qingdao Port, Shanghai International Port Group (SIPG)
- Banks: Bank of China (Hong Kong), DBS Bank, HSBC, Hang Seng Bank
- Technology/Application Partners: IQAX, ICE Digital Trade
- Standards Bodies: DCSA, BIMCO, ICC Digital Standards Initiative, ISO/TC 154
7. Main stakeholders/beneficiaries of the project
Traders (big enterprises)
Traders (SMEs)
Transport
Customs brokers
Customs
Other Government Agencies (OGAs)
Banks and financial institutions, freight forwarders, shipping lines, terminal operators
8. Business process category of the project
Commercial Transactions
Forwarding and cargo handling
Transport
Regulatory/official control
Payment
Trade finance, document of title transfer, cargo release

B. Lessons Learned

9. Summary description of the project/service
Brief Summary

GSBN is a blockchain-based data exchange platform enabling secure, paperless global trade through electronic bills of lading (eBLs), cargo release, and trade finance solutions connecting carriers, terminals, and banks.

a. Objective(s)

To accelerate digital transformation of global shipping by providing a trusted, blockchain-enabled platform for data exchange. Enable paperless trade through eBLs, reduce cargo release time from days to hours, and bridge the USD 2.5 trillion trade finance gap by connecting logistics with financial institutions.

b. Business need for the project (background)

Global trade processes remain reliant on paper documents, with 40% of containerized trade using physical bills of lading. Documentation for a single shipment requires up to 50 sheets of paper exchanged among 30 parties. The COVID-19 pandemic exposed these inefficiencies when documents were delayed due to travel restrictions.

c. Business process covered*

- Electronic Bill of Lading (eBL) issuance, transfer, and surrender
- Cargo release process automation
- Trade finance data sharing (Open Account, Letter of Credit)
- Cross-platform eBL interoperability
- eBL tokenisation for trade finance

d. Overall architecture and functionalities*

Built on Hyperledger Fabric blockchain with nodes deployed across China, US, and Singapore for data sovereignty. Provides APIs for application developers to build solutions on the platform. Features include encrypted data with private keys, field-level access rights management, immutable audit trails, and Control Tracking Registry for eBL transfers. Supports multiple eBL standards (DCSA, BIMCO) and connects with trade finance platforms.

e. Relevant document/figure
--
10. Documents and data exchanged via the project

- Electronic Bills of Lading (eBL) - negotiable and non-negotiable
- Cargo release documentation
- Shipping instructions and confirmations
- Bill of Lading data for trade finance verification
- Container and cargo tracking data
- Green certificates (blockchain-verified)

11. Data models/databases, proprietary solutions, hybrid approaches

Hybrid approach using Hyperledger Fabric blockchain with multiple eBL standards implemented: DCSA eBL API v3.0, BIMCO standards. Engaging with UN/CEFACT Multimodal Transport Reference Data Model and ISO 5909 for harmonization.

12. Main challenges faced during the project

- Achieving eBL interoperability between different platform providers (solved through collaboration with ICE Digital Trade and IQAX)
- Legal recognition of eBLs across jurisdictions (addressed through UK Electronic Trade Documents Act 2023 and MLETR compliance)
- Building trust among competing industry players to share data
- Cold start problem for eBL adoption due to network effects
- Matching customer identities across platforms

13. Lessons learned from the project

- eBL interoperability requires solving legal validity and liability frameworks before technical integration
- Blockchain infrastructure can address legal and liability challenges through immutable audit trails
- Not-for-profit governance model enables competing industry players to collaborate
- eBL adoption must deliver value beyond paper replacement to achieve widespread adoption
- Local law (like UK ETDA 2023) can serve as 'common language' for cross-platform interoperability

14. Main benefit(s) of the project
Enhanced regulatory compliance*
Transaction Cost savings* -- rate: Industry-wide eBL adoption estimated to save USD 6.5 billion in direct documentation costs annually.%
Transaction Time savings
Simplified process
Increased trade flow
14A. Elaborations/detailed description on benefits gained
--
15. Technical/financial/capacity building/other assistance

- Technology partnership with Oracle, Microsoft, AntChain, Alibaba Cloud
- Hyperledger Foundation membership for blockchain development support
- Hong Kong Monetary Authority Project Ensemble for eBL tokenization pilot
- Collaboration with ICC Digital Standards Initiative for data harmonization

16. Future plan for expansion of the project

- Scale eBL interoperability with additional platform providers
- Expand eBL tokenization for trade finance securitization (RWA market estimated at USD 30.1 trillion by 2034)
- Implement UN/CEFACT Multimodal Transport Reference Data Model and ISO 5909 standards
- Support container carriers' goal of 100% eBL adoption by 2030
- Develop universal 'data adapter' mechanism for multiple standards

17. Other information or relevant references on the project

- GSBN is an independent, not-for-profit consortium headquartered in Hong Kong
- IQAX eBL received International Group of P&I Clubs approval in June 2022
- First cross-platform interoperable eBL transaction completed in March 2025 between OOCL, ICE Digital Trade, and IQAX
- IQAX became first eBL solution globally to implement DCSA eBL API v3.0 in June 2025
- GSBN joined ISO/TC 154 working group for blockchain-based eBL standardization

18. Relevant document regarding the project
--

C. Relevant Standards

19. Name(s) of any international, national legal instrument underpinning the project
- UK Electronic Trade Documents Act 2023
- UNCITRAL Model Law on Electronic Transferable Records (MLETR)
- Singapore Electronic Transactions (Amendment) Act 2021
20. Electronic message standard
20A. Electronic message standard supporting the project
XML:
- WCO Data Model
- Other XML format: DCSA eBL API v3.0, BIMCO eBL standard, UN/CEFACT Multimodal Transport Reference Data Model (in progress)
20B. Type of standard for electronic message applied for the project
International standard
Industry-specific standard
21. Technical communication standard
21A. Technical communication standard supporting the project
HTTP, REST APIs, Blockchain peer-to-peer protocol (Hyperledger Fabric)
21B. Type of technical communication standard applied for the project
International standard
22. Security-related standards*
22A. Security-related standard supporting the project
TLS (Transport Layer Security) / SSL (Secure Socket Layer)
Payload (message) encryption (text security)
Digital signatures
Private key encryption, field-level access rights management, Hyperledger Fabric permissioned blockchain, immutable audit trail
22B. Type of security-related standard applied for the project
International standard
Industry-specific standard
23. Other Technical Information
23A. Interface developed for data exchange with an internal system
Yes. GSBN provides standardized APIs for external applications to build on the platform. IQAX eBL application built using GSBN's API. Integration with Cargo Release system and trade finance platforms.
23B. Other technical implementation information
- Platform built on Hyperledger Fabric blockchain in partnership with Oracle, Microsoft, AntChain, Alibaba Cloud
- Nodes deployed across multiple jurisdictions (China, US, Singapore) for data sovereignty
- GSBN serves as Control Tracking Registry for eBL interoperability
- Supports DCSA end-to-end conformance testing
- Integration with HKMA Project Ensemble for wholesale CBDC settlement