Hong Kong-based Global Shipping Business Network (GSBN), a non-profit consortium focused on blockchain trade applications, is confident in blockchain's potential as a crucial logistics tool in the long term. GSBN currently operates one of the world's largest platforms that can be described as an alternative to Maersk's TradeLens tool, based on a permissioned blockchain with strong data governance. Despite industry giants like Maersk terminating similar projects, GSBN has gained major shipping partners and terminal operators. GSBN CEO Bertrand Chen is confident that blockchain adoption in the industry may take another decade, but argues that there's no chance that global trade will continue using "pen and paper" by 2032. He suggests that blockchain has the potential to help the industry transform in response to triggers of supply issues like COVID-19, and that China is taking the lead in blockchain logistics due to its investment in the industry. GSBN has global ambitions and hopes to onboard Maersk one day, but admits that such a scenario "may be slightly challenging."

(By HELEN PARTZ)