Singapore-based
Pacific International Lines (PIL), one of the world’s top ten shipping companies, has completed a blockchain pilot with IBM for an electronic Bill of Lading (e-BL). Next Tuesday the Lunar New Year will be celebrated in Singapore and mandarins are a traditional gift symbolizing good luck and prosperity for the new year. Hence it was fitting that the transaction involved a shipment of more than a hundred thousand mandarin oranges from China to Singapore.
Bills of lading are provided by the ship when the cargo is loaded. It’s both a receipt for the goods and functions as a contract of shipment. Transferring a bill of lading passes the ownership to the recipient, and this exchange of documents usually causes delays of several days because it has to be mailed.
e-BL benefits
By exchanging documents electronically with an e-BL, the transfer is almost instant, and the goods can be released earlier. Time is money for financing and Bills of Lading are the primary documents for trade finance or Letters of Credit in particular. But a faster process is also critical for perishables and reduces refrigerations costs while the paperwork is resolved.
Article continues …
Want the full story? Pro subscribers get complete articles, exclusive industry analysis, and early access to legislative updates that keep you ahead of the competition. Join the professionals who are choosing deeper insights over surface level news.
