GSBN has completed a successful proof-of-concept (PoC) with COSCO Shipping Specialized Carriers, linking the electronic Bill of Lading (eBL) to cargo release at Qingdao Port.
According to GSBN, this is the first time these two solutions on GSBN have been combined, resulting in a more efficient end-to-end digital process that reduces the average time for cargo discharging by more than 24 hours.
Traditionally, shipping agents had to provide a copy of the Bill of Lading to Qingdao Port’s system as a supporting document for the cargo release process.
However, through this PoC, COSCO Shipping Specialized Carriers used the structured data on an eBL issued via IQAX to link up with the paperless Cargo Release solution and seamlessly connect every step involved at Qingdao Port.
This allowed for simplified data exchange and shortened turnaround times through real-time data sharing, enabling better collaboration between parties involved with a single source of data via GSBN’s blockchain-enabled infrastructure.
READ: Why Resilient Supply Chains Need an Electronic Bill of Lading
“The latest proof-of-concept demonstrates that the potential benefits of eBL adoption reach far beyond the digitisation of a document,” said Bertrand Chen, CEO at GSBN.
“By combining multiple digital solutions together – in this case, eBL and Cargo Release on GSBN’s platform – we are able to harness the underlying data to improve existing processes, bring new value-adding applications and expand use cases that help the shipping industry achieve a true digital leap.”
Last month, GSBN announced the completion of a proof-of-concept with HSBC to use Decentriq Data Clean Rooms, a confidential computing technology, to revolutionise global trade finance.
As obtaining information through paper documents is a lengthy and burdensome process, the companies are using confidential computing technology to aggregate shipping records across shipping lines and gain insights into customers’ shipping activities.