On November 15, COSCO SHIPPING Lines joined hands with Bank of Communications to launch the online transmission of the original order bill of lading in tripartite trade through the blockchain-enabled eBL solution. It marked another success jointly achieved by the COSCO SHIPPING Lines blockchain-enabled eBL solution and the banking industry, after the first successful attempt made by the company in collaboration with Bank of China.
Relying on the blockchain-enabled eBL solution of COSCO SHIPPING Lines, coupled with the financial innovation of Bank of Communications, the real-time transmission of electronic bill of lading and trade documents on the blockchain is realized among the consignors, forwarders and consignees. After receiving the electronic bill of lading, the consignees can directly initiate paperless bill exchange and release of goods. The whole trading process can be completed on the chain in real-time.
COSCO SHIPPING Lines’s blockchain-enabled eBL solution fully leverages the advantages of blockchain technology in terms of its tamper resistance, traceability, and credibility to provide paperless services to customers. The bill of lading can be issued and circulated through blockchain, turning the whole service process efficient, convenient, reliable and contactless. The combination of cargo flow, information flow and capital flow has laid a trustworthy digital foundation for international trade.