Pacific International Lines (PIL) has used an electronic Bill of Lading (e-BL) built on the IBM Blockchain Platform in a real-time pilot, tracking shipment of mandarin oranges from China to Singapore for the Lunar New Year celebrations.
According to a press release, this is significant because the Bill of Lading is one of the most crucial documents used in international trade, typically issued by a shipping carrier to document the title or ownership of goods. It also functions as a receipt of goods and a contract of the shipment.
Combining e-BL with blockchain technology helps companies to reduce their document processing times to almost zero, with an immediate digital transfer of the bill of lading for their cargo, document handling is automated, and goods delivered more quickly and efficiently. The trial produced a significant reduction in the administrative process of transferring the title deed from five to seven days to just one second. This is ideal for companies shipping perishable goods, allowing them to reduce risks to retailers and provide a fresher option to consumers.
IBM Blockchain Trial For Trade Network
Lisa Teo, Executive Director of PIL, said: “We are pleased with the steady progress of our blockchain collaboration with IBM. We are enthused by the possibilities of how our blockchain developments can transform and inject a much-needed boost in efficiency and innovation into the industry”.
Harriet Green, CEO and Chairman of IBM Asia Pacific, said: “A blockchain-based trade network will be a game-changer, and we have a great opportunity here to revolutionize the documentation processes in a way that benefits the entire industry”.
Hupco, a Singapore-based importer of mandarin oranges for the upcoming Lunar New Year, took part in the e-BL trial as the consignee of 3000 cartons of mandarin oranges. Chairman and CEO, Tay Khiam said: “By using the e-BL, we have seen how the entire shipment process can be simplified and made more transparent with considerable cost savings. Our customers can expect their orders in a more timely manner, and, importantly, with freshness assured”.
Mandarin oranges are a symbol of prosperity and during the Lunar New Year in Asia, people exchange them as gifts and eat them as part of their celebrations.
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