An unparalleled event for global trade took place in October 2022, at 21:23 CST as interoperability between different electronic bill of lading (eBL) platforms was successfully reached between CargoX and edoxOnline, two leading eBL solutions underpinned with blockchain technology.
The interoperability outcome proved successful as it enabled a secure, fast and convenient transfer of title documents between parties using the different eBL platforms, thus unleashing substantial benefits for the industry.
McKinsey and Company has recently completed a study on trade digitalization, concluding that eBL could save $6.5 billion in direct costs while allowing $40 billion in global trade by streamlining trade documentation, a paper-intensive and resource-consuming process.
From data input, to drafting, electronic issuance and finally the eBL transfer from CargoX to edoxOnline, the complete process only took 5 minutes involving multiple parties such as Carrier and Shippers.
This milestone forms part of the Digital Container Shipping Association’s (DCSA) initiative (PoC second phase).
“The digitalization of international trade processes and documents is our core business,” said Alejandro Pernias, CEO of Global Share (edoxOnline). “We are committed to working with DCSA to help further adoption of digital documents in international trade. Having a standardized framework that ensures interoperability will help the industry provide a better customer experience while reducing paper and carbon footprint.”
Digital Container Shipping Association (DCSA) is a neutral, non-profit group founded by major ocean carriers to digitise and standardise the container shipping industry. With the mission of leading the industry towards systematic collaboration, DCSA drives initiatives to make container transportation services transparent, reliable, easy to use, secure and environmentally friendly. DCSA’s open source standards are developed based on input from DCSA member carriers, industry stakeholders and technology experts from other industries. DCSA member carriers include: MSC, Maersk, CMA CGM, Hapag-Lloyd, ONE, Evergreen, Yang Ming, HMM and ZIM. Please download DCSA standards at dcsa.org.
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