14.9 C
Friday, May 26, 2023
Evergreen Line
Evergreen Line
Evergreen Line
Home News The Digital Era of Shipping: WaveBL's Blockchain-based Solution for the Legal and...

The Digital Era of Shipping: WaveBL’s Blockchain-based Solution for the Legal and Sustainable Transition to eBLs

The shipping industry is currently focusing on transitioning from the traditional paper-based bill of lading (BL) to the electronic form of this document.

The BL represents the transfer of ownership of goods from a seller to a buyer and serves as a legal contract. It functions as both a receipt of shipment and a legal document that entitles the holder to claim the goods described in the BL.

The paper-based BL process has been effective and necessary over the years, providing a physical document that can be transferred and presented as proof of ownership, as well as legal protection against fraudulent activity.

Although the transition to a digital form of this document seems logical, it has taken the shipping industry several years to test, trust, and fully accept the use of the electronic bill of lading (eBL), due to legal and technical challenges. However, the digital era of the shipping industry has arrived and the transition to eBL is already underway. The ocean shipping industry has committed to going fully digital by 2030, as announced by DCSA.

According to WaveBL, a trusted solution adopted in over 100 countries, a successful eBL solution must support the legal aspects and processes of the paper-based BL, while enhancing this traditional process.

“Our solution is the best in the market for transitioning from paper to electronic," said Noam Rosenfeld, CEO of WaveBL. "We ensure that our eBLs created on the WaveBL platform are in compliance with existing and expected regulatory requirements worldwide, making them trustworthy and legally binding documents”.

In addition to the unmatchable trusted level, WaveBL offers incredible advantages:

Firstly, they offer increased transparency, reducing fraud and errors compared to paper-based BLs, and provide real-time tracking, enabling shippers and carriers to monitor shipments and ensure on-time delivery.

Secondly, Wave eBL offers a high level of security with digital signatures, encryption, and secure servers, reducing the risk of tampering, fraud, and unauthorized access.

Thirdly, WaveBL increases the speed of BL transactions, enabling them to be completed in real-time, reducing the overall processing time and cost.

Lastly, WaveBL offers a more sustainable process than traditional BL, significantly reducing the amount of paper and ink required and eliminating the need for physical transportation of documents, further reducing carbon emissions.

"Our cutting-edge digital platform with a user-friendly interface allows for easy creation, transfer, and storage of eBLs, making it a valuable tool for companies looking to digitize their trade documentation," said Ilan Weiss, WaveBL’s VP of marketing. "We see the adoption rate of eBLs on the rise."

In general, eBLs are gaining more ground, and their wider adoption now seems like a matter of time and manner. WaveBL could certainly be the representative example of how this electronic solution can be workable and effective, and the company can be considered a pioneer in this important transition of the shipping industry.

Latest Posts

Drewry’s World Container Index drops this week

Drewry’s composite World Container Index (WCI) decreased by 2% to US$1,685.32 per 40ft container this week.Source: Drewry World Container Index, Drewry Supply Chain AdvisorsThe...

Houston Ship Channel generates over US$900 billion economic value to the US

Results from the John Martin Associates study showed that in 2022, the Houston Ship Channel generated US$$906 billion of economic value to the United...

MSC’s Swan service reinstated to North Europe and Poland

MSC's Swan service, which links main ports in China with North European ports in Benelux, Gdynia, Gdansk and Klaipeda, is being reintroduced as a...

DP World cut global carbon emmissions in 2022

DP World cut direct carbon emissions from its global operations by 5% last year, according to its latest Environmental Social and Governance (ESG) report,...

World’s largest container ship arrives at Port of Antwerp-Bruges

World's largest container ship MSC Loreto arrived in Antwerp, Belgium to load and unload containers at the MSC PSA European Terminal (MPET) in the...