COSCO SHIPPING has launched a new electronic bill of lading (eBL) service, IQAX eBL, jointly with the Bank of China.
The new paperless service combines traditional business advantages and cutting-edge technology innovations of both organisations and makes full use of the advantages of blockchain technology, according to COSCO.
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COSCO said IQAX eBL enables full visibility and traceability, as it aims to avoid delay or interruption caused by defacement, damage and loss of paper-based bills of lading and other circumstances.
Data privacy protection is ensured throughout the whole process.
The launch of IQAX eBL provides a significant cost reduction and higher efficiency, as the real-time paperless switch further improves trade settlement by reducing the time for customs clearance.
The new eBL solution will also significantly reduce paper consumption and effectively reduce carbon emissions generated by the manual transmission of documents, according to COSCO.
COSCO recently announced interim results for the first half of the year, riding on high freight rates.
The company recorded an EBIT of RMB 95.3 million ($13.6 million), representing a year-over-year increase of 92.20 per cent and its best performance in history for the period.