The global trade ecosystem is undergoing a profound shift as organisations push the envelope (pun intended) of digital transformation to simplify global trade and make it more accessible.. These efforts are no longer confined to ocean shipping and are expanding to include other related sectors such as multimodal logistics.
GSBN– Global Shipping Business Network a leading not-for-profit consortium, is at the forefront of this transformation with its focus on creating a paperless, accessible, and sustainable trade ecosystem while enhancing supply chain visibility through collaboration, and addressing challenges that are hindering the adoption of trade digitalisation..
Shipping and Freight Resource had the privilege of speaking with Bertrand Chen, CEO of GSBN, as part of the Executive Insights series.. Bertrand shares his vision for the future of global trade, the challenges of digital adoption, and the transformative role GSBN is playing in making trade more accessible, sustainable, and efficient..
SFR: Bertrand, can you give us a brief overview of GSBN and its role in the shipping industry..??
Bertrand: GSBN was founded in 2021 with the goal of digitising global trade using blockchain technology. Over time, our mission evolved to focus on three main pillars.
- We aim to enable paperless trade, particularly through electronic Bills of Lading (eBL).
- We work to make global trade more accessible, especially by facilitating trade finance
- We prioritise sustainability by supporting the decarbonisation efforts of shipping lines and terminal operators.
One of our key innovations is the eBL. It’s not just a digital version of the paper document—it acts as a “data container,” much like shipping containers revolutionised the movement of goods.
The eBL is a tool to create seamless data flow across stakeholders in the trade ecosystem, paving the way for greater efficiency and transparency.
SFR: Despite its apparent benefits, eBL adoption has been slower than expected.. What are the main challenges..??
Bertrand: The challenges aren’t technological or legal—those hurdles have largely been addressed. The real issue lies in the entrenched convenience of paper documentation. Paper has been used for centuries and, outside of disruptions or losses, many stakeholders find it reliable and easy to use.
Another challenge is the “prisoner’s dilemma” within the industry. Stakeholders hesitate to adopt eBL unless others do the same. This interdependency makes it hard for any single player to lead the change.
Finally, there’s a lack of compelling narratives around eBL. Many still see it as merely a cost-saving or eco-friendly initiative. We need to demonstrate how eBL enhances supply chain resilience, reliability, and end-to-end visibility to make a stronger case for its adoption.
SFR: What progress has GSBN made in promoting eBL adoption..??
Bertrand: We’ve seen significant growth in eBL issuance. In 2023, starting from zero, we issued 120,000 eBLs. By the end of 2024, that number had grown to 280,000—a 133% increase in a single year.
While this progress is encouraging, we recognise that the early adopters represent the low-hanging fruit. The next challenge is convincing more stakeholders of the value eBLs bring.
SFR: GSBN recently expanded into dry ports and rail networks. What’s the broader significance of this move..??
Bertrand: Global trade is interconnected, and it’s essential to extend digital solutions beyond maritime transport. Our collaboration with the New Sealand Land-Sea Corridor is a prime example of integrating rail and road networks into our ecosystem.
We’re also closely following developments like the “Negotiable Cargo Document” (NCD), a proposed convention that could standardise electronic documentation across all transport modes. If adopted, this would allow eBLs to cover entire end-to-end journeys, unlocking immense value for traders, banks, and insurers.
SFR: Collaboration seems to be a cornerstone of GSBN. How do partnerships with industry leaders enhance your mission..??
Bertrand: Collaboration is critical because digital transformation requires alignment across the entire trade ecosystem. For instance, what shipping lines prioritise may differ from what terminals or freight forwarders value. Our goal is to balance these interests to create a system that benefits everyone.
Think of the container revolution—it wasn’t just a box; it was a system that connected trucks, ships, and trains. Now, we need a similar transformation on the digital side to connect the data pipelines of all stakeholders.
SFR: Financial institutions also play a key role in trade.. How does GSBN collaborate with banks to drive innovation..??
Bertrand: Banks are essential because trade finance and supply chain flows are deeply linked. To bridge these worlds, we established the Trade Finance Advisory Group, which includes major banks like HSBC and DBS. Our focus is on using eBLs as collateral for loans and integrating them into blockchain-based payment systems.
For example, we collaborated with the Hong Kong Monetary Authority on Project Ensign to tokenise eBLs. This allows for atomic swaps, where payments and documentation exchange happen simultaneously.
Another exciting project is with Trafigura and ING, where eBLs were used as collateral for a syndicated loan. These initiatives highlight the untapped potential of eBLs in revolutionising trade finance.
SFR: What’s next for GSBN in driving digital transformation..??
Bertrand: Our priority is to scale eBL adoption and continue fostering collaboration across the trade ecosystem. However, eBL is just the beginning. The real opportunity lies in rethinking how we manage supply chains, finance, and global trade in a digital-first world.
By integrating eBLs with trade finance, payments, and insurance, we can unlock new levels of efficiency and innovation.
SFR: Finally, what message would you like to convey to the industry about the future of global trade..??
Bertrand: Adopting eBL isn’t just about going paperless—it’s about enabling a fundamental shift in how we trade. It’s about resilience, visibility, and creating a more accessible and sustainable global supply chain. The journey may be complex, but the rewards are immense.
Conclusion
Bertrand’s closing message highlights a key perspective often overlooked in the digital transformation of trade.. Adopting electronic Bills of Lading (eBL) and electronic trade documentation isn’t just about moving from paper to digital.. It’s about enabling entirely new ways of financing, payments, and managing supply chains..
Bertrand emphasises the transformative potential of these digital tools for the industry.. “This shift goes beyond digitizing documents,” says Bertrand. “It’s about creating new mechanisms for trade finance and supply chain management that can redefine how the industry operates. That’s the bigger picture we need to focus on.”
You can view the full interview with Bertrand below..
