It is not just the consignment that travels long distances to reach a consignee; the paper bill of lading (B/L) also travels with it. The B/L, the undisputed proof of shipment and titleship has been traditionally printed on paper for centuries. However, the paper has several limitations that prevent it from being an ideal medium to carry the responsibilities that a B/L represents.
As paper B/Ls are physically handed off between various parties in the shipping process—such as shippers, carriers, and consignees—they can be easily manipulated during these exchanges. They are susceptible to tampering, unauthorized alterations, or fraud, which could lead to false claims of ownership and the consignee not receiving the shipment at all. Additionally, paper B/Ls are vulnerable to loss or theft.
Moreover, paper B/Ls impose unnecessary expenses on shippers and NVOCCs through delivery fees. They also increase document processing times. Not to mention their contribution to the global carbon footprint, especially in a world increasingly focused on corporate sustainability.
IQAX, committed to spearheading shipping digitalization and creating a harmonized trading environment, is changing the centuries-old B/L status quo. The company’s electronic bills of lading (eBLs) solution, IQAX eBL facilitates the use of eBLs based on blockchain technology. This ensures that these eBLs are traceable and tamper-proof. By doing so, the solution effectively provides B/L security and ensures the authenticity and uniqueness of the B/Ls.
Being digital, eBLs cut down on expenses, accelerate the documentation process, reduce carbon emissions, and are practically impossible to lose. IQAX eBL works to strengthen global trade networks and promote more sustainable supply chains by digitizing the B/L process.
IQAX eBLs: One Solution, Many Advantages
IQAX eBL leverages the Global Shipping Business Network (GSBN), a blockchain infrastructure purpose-built to digitize the shipping industry. This network permits only authorized parties to amend and access shipping information, guaranteeing both traceability and data protection.
By using the GSBN blockchain platform, it becomes easy to trace shipments and prevent data tampering and forgery. This provides a solid foundation for the secure circulation of the B/L while safeguarding the legal rights of cargo owners.
In addition, IQAX eBL delivers value-added industry collaborations internationally. The solution helps connect shippers, freight forwarders, carriers, consignees, and financial institutions, empowering them with a transparent view of shipping to address real business challenges in the supply chain ecosystem.
The advantages do not end here. IQAX eBL supports one-click transfer and online tracking of B/Ls. As a result, all trade participants can now view B/Ls and their status digitally and instantly. This eliminates courier costs, avoids the need for printing on paper, and reduces the risks of detention and demurrage charges caused by delayed title transfers. A fully digital B/L process leads to better customer service through reduced costs, faster delivery, and optimized internal operations.
Complementing the one-click transfer is IQAX eBL’s intuitive single-view interface which integrates all shipment-related information on a single screen, allowing all relevant parties to share the same perspective. It greatly enhances operational efficiency.
Other transformative impacts of IQAX eBL include:
- Improved trade financing efficiency: The traceability and security of IQAX eBL enable faster and more efficient trade financing processes by facilitating transactions.
- Expanded digital capabilities: IQAX eBL’s ability to seamlessly combine structured eBL data and preview documents makes way for the continued expansion of digital trade use cases beyond the shipping industry.
- Greater convenience: Cargo owners can upload documents digitally, while banks can access e-presentations of these documents via IQAX eBL and obtain structured eBL data from the GSBN blockchain infrastructure, which simplifies existing trade finance processes. IQAX eBL can accommodate multiple scenarios and facilitate B/L transfers under multiple payment methods for more efficient transactions.
In addition, to promote integration between shipping and trade finance, nine banks have already adopted IQAX eBL. These banks include the Bank of China, Bank of China (Hong Kong), Bank of Communications, Bank of Ningbo, China Merchants Bank, China CITIC Bank, SPD Bank, Shanghai Rural Commercial Bank, and The Export-Import Bank of China.
- Optimized logistics operations: By digitizing the entire trade process, including ownership transfers, surrenders, and amendment applications, IQAX eBL reduces mailing costs, speeds up document delivery, and optimizes logistics efficiency.
- Enhanced cross-party collaboration: IQAX eBL gives shippers and other stakeholders centralized visibility into shipment milestones and document status updates, improving communication and collaboration across the supply chain.
IQAX eBLs: Driving Carrier Success Stories
IQAX eBL covers more than 70 countries, with more than 14,000 registered companies. As of June 2024, IQAX eBL has processed over 240,000 original bills of lading issued by carriers. This demonstrates that the solution provides significant convenience and benefits to the shipping ecosystem, facilitating ongoing digital transformation and advancing progress toward greater sustainability.
One notable recipient of the IQAX eBL benefits is Worldwide Logistics (WWL), a leading China-based NVOCC that has been honored as a National 5A Grade Logistics Enterprise, the highest accolade in China’s logistics industry. The company’s international logistics service which delivered paper documents, suspended local delivery during the COVID-19 pandemic. This caused massive delays in sending original paper B/Ls and in subsequent customer pickups after goods arrived at ports around the world.
IQAX eBL helped WWL overcome challenges related to processing paper-based B/Ls by streamlining these processes digitally. It also reduced expenses associated with circulating physical B/Ls and significantly enhanced work efficiency.
Leading Paperless B/L Innovations
Well-versed in both technology and logistics and with deep roots in the shipping industry, IQAX understands how to apply technological innovation to real-world shipping scenarios. IQAX eBL is a prime example of this expertise.
IQAX eBL is at the forefront of accelerating digital transformation in the shipping industry by streamlining documentation, reducing paperwork, and enabling faster, more efficient transactions.
