COSCO Shipping Lines has joined forces with the Bank of Communications to launch the online transmission of the original order bill of lading in tripartite trade through the blockchain-enabled embed electronic bills of lading (eBL) solution.
The real-time transmission of electronic bills of lading and trade documents on the blockchain is realised among consignors, forwarders and consignees.
After receiving the electronic bill of lading, the consignees can directly initiate paperless bill exchange and release of goods, according to a statement, and the whole trading process can be completed on the chain in real-time.
The Chinese shipping giant stated that its blockchain-enabled eBL solution, which is backed by financial innovation from the Hong-Kong based bank, leverages the advantages of blockchain technology in terms of its tamper resistance and traceability to provide paperless services.
