The “FIT Alliance” (BIMCO, DCSA, FIATA, ICC, and Swift) has recently launched the “Declaration of the Electronic Bill of Lading,” which aims to make international trade more efficient and secure.
Each year, ocean carriers issue some 45 million bills of lading, one of the most important trade documents in shipping. Currently, many of these documents are not standardized and are still paper based, requiring a physical hand-off between participants. The adoption of electronic bills of lading (eBLs) will benefit the shipping industry by enabling faster transactions, lowered cost, and lowered risk of fraud through the use of digital authentication systems.
A study by consulting firm McKinsey & Co. estimates if the container sector moved to 100% eBL adoption, it could unlock $30-40 bn in global trade growth by reducing trade friction. In a statement, the FIT Alliance said, “A universal eBL will benefit all stakeholders involved in the global supply chain whether in bulk shipping or container shipping. Achieving widespread adoption of a standards-based eBL will benefit not only the shipping industry, but also the global movement of goods, at a time when supply chain resilience is challenged.”