Global Shipping Business Network (GSBN) has announced that COSCO Shipping Specialized Carriers has joined the consortium and has successfully issued the first electronic bill of lading (eBL) for bulk cargo.
COSCO Shipping Specialized Carriers specialises in the transportation of special cargo, which requires a longer transportation cycle and a more complex supply chain.
As such, making a versatile and flexible way to circulate bills of lading is crucial for enhancing efficiency and improving customer experience.
GSBN’s blockchain infrastructure and IQAX’s eBL application have been integrated into COSCO Shipping Specialized Carriers’ digital platform, enabling the company to offer a full suite of eBL services – including issuance, circulation, endorsement, amendment, and replacement in a secure and trusted environment.
This first eBL was issued for ELDORADO, a company specialising in Contract of Affreightment (COA) for paper pulp, and COSCO Shipping Specialized Carriers will continue to roll out eBL services to its wider customer base.
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GSBN’s platform and infrastructure have been designed to address the holistic needs of shippers for all forms of maritime transportation – including container, bulk, and tanker – and to support different standards and interoperability from the outset.
GSBN said its consortium’s collaboration with standards bodies such as the Digital Container Shipping Association (DCSA) and the Baltic and International Maritime Council (BIMCO) ensures that the blockchain infrastructure can support all types of eBL solutions.
“This blockchain-based eBL transaction marks a breakthrough for our business – it is unprecedented and an impressive step forward in our digital transformation journey,” said Hu Yiyang, Digitalisation Team Leader of COSCO Shipping Specialized Carriers.
“We will continue to explore collaboration opportunities and bring more innovative services to customers across the globe.”
Last year in December, GSBN chose Swiss software company Decentriq to further develop its blockchain consortium combining new technology.
