Covid-19 pandemic is speeding up a technological transformation of global trade as supply chains play catchup in shifting from paper to digital transactions. That’s an emerging industry view as the ongoing disruptions force manufacturers, ship operators and importers to accelerate their investments in technology to smooth out kinks, reduce delays and ultimately cut costs. The Asia Development Bank last month warned that the global trade finance gap rose 15% to $1.7 trillion in 2020 and say solutions include global standards and legislation for the digitalization of trade’s eco-system which would generate data, increase transparency, improve interoperability, and ultimately boost access to trade finance.
Manufacturers are going to deploy “internet of things” technology to, among other things, track inventory in real time and monitor equipment so they know when a machine is likely to go down. The COVID-19 pandemic has underscored the importance for businesses to embrace digital solutions more than ever before. GSBN’s technology can facilitate the secure sharing of data that’s needed to settle trade. The company’s product — Cargo Release — is said to have cut the process of physical exchanges of documentation at Shanghai port to less than two hours instead of as many as three days by stripping out the process of queues and in-person interaction.