The Electronic Bill of Lading (eBL) is transforming global trade practices, providing a paperless solution for managing and processing vital transport documents. COSCO SHIPPING, a major player in the shipping industry, has achieved a noteworthy milestone, issuing its 100,000th blockchain-based eBL, says an article published on shipping and freight source website.
Key Functions Of Bill Of Lading
The Bill of Lading serves three primary functions: evidence of the contract of carriage, receipt of goods, and a document of title to the goods. An eBL, issued electronically, mirrors these functions while offering enhanced security, reduced fraud risk, faster document transfer, and cost efficiencies.
Significance Of 100,000th Blockchain-Based eBL
COSCO SHIPPING’s achievement symbolizes a significant stride in adopting blockchain technology to bolster the security and efficiency of trade documentation. In collaboration with the Global Shipping Business Network (GSBN) platform, COSCO SHIPPING launched its blockchain-based paperless cargo release product.
COSCO’s Contribution To eBL Adoption
Considering DCSA’s estimate that only 1.2% of the 45 million bills of lading issued annually were electronic by the end of 2021, COSCO SHIPPING’s issuance of 100,000 blockchain-based eBLs positions it as a key contributor, accounting for approximately 6% of all eBLs issued between 2021 and 2023.
GSBN Platform And Digital Ecosystem
GSBN, initiated in 2021, connects industry stakeholders, fostering trust and efficiency in a digital ecosystem. COSCO SHIPPING’s blockchain-based eBL services have reached over 7,500 customers, demonstrating its commitment to leveraging digital technology across diverse shipping sectors.
Recognition And Awards
The value of COSCO SHIPPING’s efforts was acknowledged at the 2nd Global Digital Trade Expo, where GSBN received the Digital Trade Gold Award for its innovative blockchain-based eBL. This recognition underscores the profound impact of digital transformation within the shipping industry.
Growing Influence Of GSBN
As of October 2023, GSBN’s influence has expanded, with nearly 30 companies from various sectors joining the network, including airlines, ports, finance, and insurance. COSCO SHIPPING’s journey with eBLs exemplifies the transformative power of digital technologies, paving the way for a more connected, secure, and efficient future in global trade.
Did you subscribe to our daily Newsletter?
It’s Free! Click here to Subscribe!
Source: Shipping and freight source
