Orient Overseas Container Line (OOCL) has decided to switch to Electronic Bills of Lading (eBL) in order to enhance the efficiency of the global supply chain, reduce its carbon footprint, and improve customer experience.
OOCL’s eBL solution is powered by digital solutions provider IQAX Limited, and built on Global Shipping Business Network’s (GSBN) blockchain platform.
OOCL said that by leveraging this technology, eBL provides a digital channel for all involved parties to access the real time status of the shipping process. eBL also guarantees the security, accuracy, and authenticity of data, as well as ensuring that data on the blockchain network is traceable and from a single source, according to a statement.
OOCL’s eBL solution is expected to offer issuance of online Bills of Lading and enable different parties such as shippers, cargo owners, forwarders and banks to manage the eBL and to perform title transfers, surrenders for delivery, status updates and history reviews.
“Moving from a process of physical posting and collection of paper documents into the new eBL era will increase security and accuracy, reduce supply chain uncertainties and delays, and control costs,” said OOCL in a statement.
Kenny Ye, chief operating officer of the COSCO-owned shipping company commented, “Switching to eBL not only allows us to deliver an enhanced shipping experience to our worldwide customers, but also helps OOCL and our customers achieve multiple goals in terms of reducing costs, enhancing operational efficiency, and reducing the environmental impact of our activities.”
Kenny Ye went on to add, “The launch of OOCL’s eBL demonstrates our commitment to the environment and to providing high quality services. It will continue to be part of our mission to develop and implement further technological advances to assist our customers to achieve the optimal shipping solution.”