Swift Cargo, one of India’s leading non-vessel owning common carriers (NVOCCs), has joined the TradeLens blockchain-based platform to use its electronic bill of lading (eBL) product, hoping to eliminate delays related to documentation.
The TradeLens eBL, recently approved by the International Group of P&I Clubs (IGP&I), will digitise bills of lading, along with other critical transportation documents, on the blockchain in an effort to vastly increase speed of original bill of lading issuance, transfer and surrender.
While the process was traditionally manual and time-consuming, it is hoped that the digital system will allow it to occur accurately and securely in minutes.
Harish Pandeya, managing director at Swift Cargo, said: “Going beyond our objective of digitalisation and providing timely and superior service levels to our clients, TradeLens will also help us reduce operational overheads and errors by enabling automation of significant parts of the documentation process.”
Eliminating the risks and costs caused by lost or delayed documents has been a significant concern for the shipping, logistics and trade finance industries.
The blockchain-based platform allows direct connectivity between all stakeholders while Swift Cargo will have total end-to-end visibility for import and export cargo documentation, sourced from a single platform.
Bimal Kanal, head of TradeLens in South Asia, added: “By eliminating the risk of lost documents, forgeries, delays and charges by using a blockchain enabled TradeLens eBL, we are confident Swift Cargo will not only improve their service offering to their customers but reduce the cost and time of printing and couriering documents to share with their supply chain partners.”
The TradeLens platform, which was jointly developed by IBM and Maersk, publishes more than 3m events per day and the ecosystem includes direct connections to more than 220 unique organisations.