According to GSBN, this is the first time these two GSBN technologies have been merged, creating a more effective end-to-end digital process that decreases the typical time for cargo discharging by more than 24 hours.
In the past, shipping agents were required to upload a copy of the bill of lading into the system at Qingdao Port in order to assist with the cargo release procedure. However, through this PoC, COSCO Shipping Specialised Carriers linked up with the paperless cargo release solution and smoothly connected each step at Qingdao Port using the structured data on an eBL issued via IQAX.
This allowed for simplified data exchange and shortened turnaround times through real-time data sharing, enabling better collaboration between parties involved with a single source of data via GSBN’s blockchain-enabled infrastructure. According to Bertrand Chen, CEO at GSBN, “the latest proof-of-concept demonstrates that the potential benefits of eBL adoption reach far beyond the digitization of a document.”
We are able to harness the underlying data to improve current processes, bring new value-adding applications, and expand use cases that help the shipping industry achieve a true digital leap by combining multiple digital solutions, in this case eBL and cargo release, on GSBN’s platform.
The corporations use proprietary computing technology to aggregate shipment records across shipping lines and gain insights into clients’ shipping activity because getting information from paper documents is a time-consuming and laborious process.