EXIM trade takes a dig­i­tal leap with ‘e-Bill of lad­ing’

The Hindu Business Line - - FRONT PAGE - PMANOJ

Mum­bai, June 28

In a big leap to­wards dig­i­tal­i­sa­tion of ex­port-im­port trade doc­u­ments in In­dia, Blue Wa­ter Lines has be­come the first to adopt the elec­tronic bill of lad­ing (e-BL) us­ing the blockchain tech­nol­ogy plat­form Car­goX.

Sin­ga­pore-based Blue Wa­ter Lines is a non-ves­sel own­ing com­mon car­rier (NVOCC) han­dled by In­dia's Abrao Group. NVOCC is a con­sol­ida­tor, which col­lects small quan­ti­ties of cargo from cus­tomers and ag­gre­gates them into full con­tainer loads for ship­ment.

e-BL is a ma­jor ini­tia­tive taken by the gov­ern­mentto fast track the dig­i­tal­i­sa­tion of the trade doc­u­men­ta­tion pro­cess as the cur­rent hard copy-based for­mat poses a huge risk to the smooth flowof ex­port-im­port goods.

The In­dian Port As­so­ci­a­tion (IPA) — an au­ton­o­mous body at­tached to the Ship­ping Min­istry — is driv­ing the gov­ern­ment’s mar­itime trade dig­i­tal­i­sa­tion agenda along with its tech­nol­ogy part­ner Por­tall In­fos­ys­tems.

Pan­demic as cat­a­lyst

The Covid-19 pan­demic acted as a cat­a­lyst for the gov­ern­ment and trade to move to a pa­per­less regime for doc­u­men­ta­tion.

The Port Com­mu­nity Sys­tem (PCS 1x), built by Por­tall In­fos­ys­tems for IPA, is op­er­a­tional in 19 ports with over 16,000 cor­po­rate stake­hold­ers. IPA and Por­tall have in­te­grated the Car­goX blockchain doc­u­ment trans­fer plat­form with PCS1x, which can be ac­cessed by all the stake­hold­ers across In­dia.

“With the new nor­mal of so­cial dis­tanc­ing, IPA quickly re­sponded to re­quests from the trade for a dig­i­tal so­lu­tion to doc­u­ments stuck in tran­sit and en­hanced the PCS 1x with fea­tures for scan­ning e-BL and let­ters of in­dem­nity and­brought dig­i­tal doc­u­men­ta­tion ex­change plat­form Car­goX,” said Ja­nard­hana Rao, man­ag­ing di­rec­tor, IPA.

Car­goX is a Slove­nia (EU)based com­pany that runs a smart BL doc­u­ment trans­fer plat­form, us­ing the neu­tral, pub­lic blockchain Ethereum net­work.

A Bill of Lad­ing, the back­bone of global trade doc­u­men­ta­tion, is is­sued by a car­rier (ship­ping line/freight for­warder) to ac­knowl­edge re­ceipt of goods, con­tract of car­riage and doc­u­ment of ti­tle (own­er­ship) of the goods.

Newspapers in English

Newspapers from India

© PressReader. All rights reserved.