Maritime blockchain platform Global Shipping Business Network (GSBN) has announced the completion of a proof-of-concept with COSCO Shipping Specialized Carriers, using electronic Bills of Lading (eBLs) to manage the cargo release process at Qingdao Port.
COSCO Shipping Specialized Carriers or their shipping agents would typically provide a copy of the Bill of Lading to Qingdao Port’s system as a supporting document for the cargo release process. Linking with GSBN has allowed COSCO to instead issue eBLs for bulk cargo through the platform, via IQAX, to allow the end-to-end process to be transacted digitally.
This has reduced the average time between having cargo discharged from the vessel and leaving the terminal by more than 24 hours, the companies said.
“We are excited about the potential which eBL adoption can bring to the industry, as well as collaborating with GSBN and stakeholders like Qingdao Port,” said Yiyang Hu, Digitalisation Team Leader, COSCO Shipping Specialized Carriers.
“Through digitalisation, we can effectively integrate COSCO Shipping Specialized Carriers’ shipping platform with GSBN’s blockchain infrastructure, our customer information system, as well as the ports and shipping companies’ systems along the supply chain, to bring the benefits closer to our customers.”
“This latest proof-of-concept clearly demonstrates the versatility of GSBN’s platform to enable trusted data exchange resulting in very tangible benefits in improving the overall flow.”