Document transfer solutions provider, CargoX has noted an increased usage of electronic bills of lading (eB/L) among companies.
CargoX has reported a massive increase in the number of users of its platform to simplify and expedite electronic trade documents and facilitate Advance Cargo Information (ACI) processes in global supply chains.
It said that its platform had processed 3,478,124 electronic trade documents.
"Over 99% of those documents were shipping documents, showing the need for progress of both eB/L and blockchain trade documents between parties using different eB/L platforms, unleashing powerful velocity and efficiency for global trade and the entire shipping industry," CargoX said.
The document transfer solutions provider noted that the number of companies using CargoX's blockchain technology for document transfer had grown exponentially since 2018, with January 2023 numbers indicating 100,148 registered companies with 124,848 users.
It said domestic and cross-border shipping in 2023 promises to be faster and more efficient with eB/L.
Citing a McKinsey and Company report, CargoX said the use of eB/L could save US$6.5 billion in direct costs while allowing US$40 billion in global trade by streamlining trade documentation, a paper-intensive and resource-consuming process.
"The start of the spike follows an unprecedented global trade event that concluded on October 25, 2022, when proof of concept (POC) interoperability between two eB/L platforms was successfully achieved between CargoX and edoxOnline - two competing eB/L solutions," the announcement said, adding that the end-to-end digital transfer process was completed in 6 minutes - not the traditional hours or days.
An electronic bill of lading is a digital version of a traditional paper bill of lading, a document used in shipping goods by sea, air, or land.
An eB/L typically contains the same information as a paper bill of lading, including details about the shipper, the consignee, the goods being transported, and the terms and conditions of the shipment.
The main difference between an eB/L and a paper bill of lading is that the former is created and stored electronically, using computer systems and networks, rather than printed on paper.
CargoX said this leads to faster, more secure and cost-efficient shipping and trade document transactions.
"We are proud to lead this eB/L initiative of a distributed global eB/L solution built using standards published by DCSA. Distributed global computing solutions have emerged as an alternative to centralized systems. Logically, eB/L platforms provide interoperability to avoid centralization and market manipulation," said Stefan Kukman, founder and CEO of CargoX.
DCSA (Digital Container Shipping Association) is a nonprofit, independent organization established in 2019 by several of the largest container shipping companies.
DCSA’s mission is to be the de facto standards body for the industry, setting the technological foundation for interoperable IT solutions.
Together with member carriers, DCSA creates vendor-neutral, technology-agnostic standards for IT and non-competitive business practices.
CargoX noted that DCSA collaborated with the company to test standards that comply with industry best practices.