Yesterday, Slovenia-based blockchain firm CargoX announced it is starting to digitalize bills of lading and other trade documents for Indian port operations via the country’s Port Community System.
Because of COVID-19 there’s a major push to digitalize documentation, especially for trade. Two months ago, the International Chamber of Commerce urged governments to remove any legal prohibitions on electronic trade documents.
Gopal Krishna, the Indian Secretary of the Ministry of Shipping highlighted the problems in an April letter. “At present the inability of service providers such as courier agencies, general lockdown restrictions and the requirements of social distancing/isolation are causing severe impediments in issuance, delivery and dispatch of ‘physical format’ based trade documentation. This is directly impacting the release of import containers and cargo at various Ports in India.”
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