New Working Group – International Trade

Juan Cabrera has started the GBA International Trade Working Group. This group will be working closely with GBA organizational members and leaders including:

The group will focus on the many topics related to international trade including: supply chain, regulation & compliance, finance, logistics & shipping, digitalization & security, data & documents, markets, economics, etc. The group will work on areas where trust is needed and blockchain enables:

  • Process efficiency and cost savings
  • Transaction speed and settlement
  • Real-time, end to end visibility
  • Data provenance and security
  • Facilitator of trade financing innovation
  • Simplification of compliance

One of these problems to solve was “visible” during COVID-19 with the bill of lading which is a¬†document issued (lack of airplanes during pandemic caused a huge problem)¬†to the exporter by the maritime carrier to acknowledge receipt of cargo for shipment.¬†Importer displaying a Bill of Lading (usually physical document)¬†can receive a delivery order with which he can release the cargo from the port.

Pain point to the community

  • Business risk: Lose, forgery, delay in delivery of physical documents, commercial disputes
  • High handling time & costs: Issue, deliver, validate, compare, process, change physical documents.

The group will also be hosting online events (and in-person events next year) to showcase blockchain-based solutions to a global marketplace.

For more information about this group, please contact Juan Cabrera.

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