An eBL simplifies trade
An electronic bill of lading (eBL) application built using Global Shipping Business Network (GSBN)’s API has obtained approval by the International Group of P&I clubs.
The IQAX eBL application is one of only a few blockchain-enabled solutions supported by major carriers that have received this approval, marking an important step in connecting logistics with financial institutions as part of the trade finance process.
Bertrand Chen, CEO of GSBN, said: “We are witnessing a once-in-a-lifetime digital leap in the shipping sector. Yet the nature of global trade means the size of the challenge is significant and complex.
“Our strategy is to empower application builders like IQAX through APIs on our platform, to develop solutions that address different segments and needs of this sizeable challenge.”
It is estimated that 99% of trade still relies on paper documents, which not only introduces the risk of lost documents and forgeries but processing physical documents is inefficient and costly.
Delays due to supply chain disruption and lockdowns have made the process even more costly and difficult for shippers to exchange documents and apply for trade finance.
Chen added: “The launch of the eBL application is also a good example of connecting logistics with banks as part of the trade finance process, and we can soon expect to see more collaboration in this area.”
Technology developer IQAX is the first to develop an eBL application harnessing GSBN’s API.
Built upon the consortium’s blockchain-enabled platform, IQAX’s new application offers an end-to-end solution to address current industry challenges.
To further encourage interoperability between solutions, GSBN has also joined the Technical Committee of the International Organisation for Standardisation working group to help develop an international standard for Data Interchange Processes of blockchain-based negotiable maritime bill of lading related to eCommerce platforms.
Romney Wong, CEO at IQAX, said: “We’re constantly thriving to solve real-world challenges in the logistics and shipping sector through technology.
“The eBL application is a major milestone in addressing a critical challenge for many participants in the supply chain. Through GSBN’s trusted network, we hope we can empower even more companies to collaborate and enable frictionless global trade.”
