COSCO SHIPPING announced the launch of the new electronic bill of lading service, named "IQAX eBL", jointly with Bank of China, on 1 September at the Achievement Release Event of the 2022 China International Fair for Trade in Services (CIFTIS).
"This new service of 'paperless' trade settlement for customers combines traditional business advantages and cutting-edge technology innovations of both organisations and makes full use of the advantages of blockchain technology such as tamper proofing, traceability and trustworthiness," said COSCO in a statement.
The Chinese shipping giant believes that IQAX eBL will perform better in security, cost reduction, efficiency and environmental protection over traditional bills of lading or even non-blockchain-based electronic bills of lading.
"IQAX eBL gets a jump start in facilitating trade based on the safe and efficient flow of bills of lading to enhance the shipper’s ability to plan and manage the supply chain," pointed out COSCO.
