India approve use of ‘Blockchain’ Bills of Lading

Just weeks after we reported on the Digital Container Shipping Association’s (DCSA) initiative to enable the collaboration necessary for achieving full eBL adoption, India is set to allow bills of lading to be filed over a blockchain platform.

India’s efforts to digitise its maritime supply chains has become increasingly urgent as the paper-based administrative processes that accompany container shipping have been severely hampered by the coronavirus pandemic, leading to major port congestion.

In response, India’s ministry of shipping gave the go-ahead to run trial shipments with B/Ls submitted on CargoX’s blockchain technology through the country’s Port Community System.

“Metro, with our local partners, are ready to support Blockchain Bill of Lading in India”

Blockchain technologies replace countless paper checks with sealed and approved electronic transactions, that cannot be changed or deleted, creating supply chains with higher accuracy, greater transparency and inherent cost savings.

Metro Shipping is an early adopter of blockchain technology engaging with CargoX, who’s Blockchain Document Transfer Platform (BDT) has been successfully trialled by India’s global shipping stakeholders to transfer electronic bills of lading.

At the vanguard of Blockchain adoption and resilience, Metro’s technical team has been simulating different freight flows, using a secured Blockchain network to improve the document flow, visibility, efficiency and verifiability of shipments.

Metro support the United Nations Centre for Trade Facilitation and Electronic Business (UN/CEFACT), developing standards to streamline international trade, including Blockchain and electronic Bills of Lading.