Israel Ports Company (IPC), the state-owned body which supervises and regulates Israel’s seaports, said it completed a blockchain pilot for bills of lading. IPC said it was able to save time and money for participants, along with securely sharing records reducing the risk of fraud.
A bill of lading is a legal document issued by a carrier to the shipper detailing the contents of cargo being transferred. An importer needs to submit the document at the port to release the goods from customs. Currently, the whole process is based on paper and sending documents via courier, which introduces inefficiencies and scope for fraud.
IPC said its blockchain solution created a common database with shipping participants able to see the transaction process. The bill of lading also serves as a shipment receipt and is a key document in Letter of Credit financing supplied by banks.
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