Contour, a global trade finance network, has formed a partnership with blockchain platform the Global Shipping Business Network (GSBN) to offer advanced digital solutions to companies involved in global trading, financing and shipping goods.
GSBN developed Cargo Release, a platform that harnesses blockchain technology and offers a paperless, transparent solution connecting parties involved in logistics at the port of import, such as agents, consignees, shipping lines, and terminals.
Contour has developed a network which digitises paper-based trade and financial processes, such as Letters of Credit (LCs),
By harnessing the combined solutions from both GSBN and Contour, market participants should be able to replace inefficient manual products and develop a seamless connection between the physical supply chain and financial systems.
Carl Wegner, CEO at Contour, said: “The problems that have beleaguered global trade for years are slowly becoming a thing of the past as adoption of innovative digital technologies picks up pace. We look forward to working with GSBN to further accelerate this industry-wide shift”.