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OOCL initiated the first transaction on a new interoperable electronic Bill of Lading system developed by Global Shipping Business Network (GSBN), ICE Digital Trade, and IQAX
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The ability to exchange eBLs across platforms marks a milestone for the industry and removes a major barrier to adoption of eBLs in the container market, OOC said
OOCL has initiated the first transaction on a new interoperable electronic bill of lading (eBL) system developed by Global Shipping Business Network (GSBN), ICE Digital Trade and IQAX.
The transaction was initiated by OOCL as carrier on IQAX eBL, issuing to a major oil and gas company on ICE CargoDocs. It was subsequently transferred to Deqing Sunny Plastics for surrendering back to OOCL.
The first-of-its-kind solution breaks down a key barrier towards widespread eBL adoption in containerized flows, OOCL said.
The solution delivered on all four of the key components of eBL interoperability.
The three solution providers created a secure solution which ensures that there is only one original eBL which is always controlled by the lawful holder.
The eBL handover between ICE CargoDocs and IQAX eBL via GSBN guarantees security of cross–platform eBL transfer.
GSBN serves as a control tracking registry, maintaining a complete audit trail of the platform transfer status of interoperable eBLs on its blockchain.
The OOCL original negotiable eBL was governed by UK Law, which recognizes eBLs as having the same rights and obligations as paper BLs pursuant to the UK’s Electronic Trade Documents Act 2023.
ICE Digital Trade and IQAX agreed to a robust inter-platform liability agreement which identifies the obligations of each platform and ensures that the right platform is responsible for losses and is able to pay.
GSBN as the control tracking registry undertook to securely record all platform transfers.
As for IG P&I Approval, the approach was approved by the IG, ensuring that OOCL remained within the terms of its P&I Club cover.
The ability to exchange eBLs across platforms in a secure and legally robust manner marks a significant milestone for the industry and removes a major barrier to adoption of eBLs in the container market.
The strong collaboration between IQAX and ICE Digital Trade and the support of GSBN in ensuring the critical security layer demonstrated that the industry is working together to achieve the goals set by Container Carriers, namely to achieve 100% eBL adoption by 2030.
“Participating in the interoperability of the eBL solution aligns with our commitment to innovation and excellence. This initiative enables us to improve our services to customers while contributing to a more efficient and secure global trade ecosystem,” said Karen Lam, Managing Director (Asia, South East Asia and Bangladesh Group), OOCL.
Bertrand Chen, CEO, GSBN, added that achieving eBL interoperability “is the missing link” to achieving widespread eBL adoption.
Chen also said that the go-live demonstrates GSBN’s blockchain-enabled infrastructure can address the legal and liability challenges head-on, ultimately enhancing the customer’s experience by enabling them to realize the vast benefits of eBL while remaining in their preferred solutions.
Marina Comninos, Co-Head, ICE Digital Trade, said: “Interoperability is essential for scalable eBL adoption in liner, and collaboration is key to achieving this goal. The launch of our Interoperable eBL Solution marks just the beginning of the journey: we are excited to continue working with our trusted partners at IQAX eBL and GSBN, as well as other providers across different geographic and industry segments, to bring value added solutions to the industry.”
Comninos further stated that the aim will always be to deliver interoperable solutions which are “legally sound, technically resilient and have a robust and transparent governance structure.”
For his part, Lionel Louie, COO of IQAX,said, “IQAX believes that interoperability is vital for advancing global trade digitalization. Our commitment is showcased through our innovative eBL platform. This first interoperable eBL transaction with ICE Digital Trade supported by GSBN’s blockchain infrastructure is a significant step toward creating an interconnected digital trade network.”
By championing eBL interoperability, Louie said they reduce risks and costs while fostering a more inclusive and efficient global trade ecosystem where multiple platforms can collaborate seamlessly.
“Our vision is to establish a trusted network that empowers all stakeholders in the digital trade transformation,” he said.
