The International Organization for Standardization recently voted to establish a project for the ‘Blockchain Marine Electronic Bill of Lading (B/L) Data Interaction Process’.
Both Chinese and foreign experts from the United Nations Economic Commission for Europe (UNECE) will jointly participate in developing the standard.
COSCO SHIPPING Lines has also sent experts to participate in the project throughout the whole process.
The project aims to standardise the architecture, functional requirements, business processes, interfaces and data formats of the blockchain electronic B/L system, and provide a standard guideline and reference for the flow and verification of marine electronic B/L through the blockchain system, so as to promote the application of blockchain electronic B/L and provide a credible digital foundation for international trade.
COSCO SHIPPING Lines will share China’s experience in multi-scenario application with the international community, promote the implementation and global application of blockchain electronic B/L standards, and contribute its own experience to enhancing the overall digitalisation of the industry and facilitating cross-border trade.
This is the latest cross-sector progression of digitalisation and standardisation in maritime.
In February, parties signed a Memorandum of Understanding (MoU) to form a new alliance in a major progression of digital standardisation in the maritime industry.
The DCSA, in conjunction with its nine member carriers, announced the formation of the Future International Trade (FIT) Alliance with the signing of a memorandum of understanding (MoU) between DCSA, BIMCO, FIATA, the International Chamber of Commerce (ICC) and SWIFT in which the organisations commit to collaborating to standardise the digitalisation of international trade.