Blockchain-based Bills of Lading gain traction

Describing bills of lading as an “anachronism” a top Scandinavian shipping line and a Belgian shipper have joined the blockchain push to retire the ancient paper process. G2 Ocean, the breakbulk joint venture between Gearbulk and Grieg Star, has just concluded a successful test with Dutch client Manuchar, using CargoX’s Smart B/LTM solution on five shipments from China to Peru.

“Paper Bills of Lading are already considered a historic artefact. The Smart B/LTM solution gives both us and our clients the power of a modern, reliable, and efficient tool. It will bring cost optimisation and improved data security into their processes. The document transaction reliability in this system is undisputable,” said Rune Birkeland, CEO at G2 Ocean.

Many other shipping lines have been trialling blockchain-based Bills of Lading in recent months.

Sam Chambers

Starting out with the Informa Group in 2000 in Hong Kong, Sam Chambers became editor of Maritime Asia magazine as well as East Asia Editor for the world’s oldest newspaper, Lloyd’s List. In 2005 he pursued a freelance career and wrote for a variety of titles including taking on the role of Asia Editor at Seatrade magazine and China correspondent for Supply Chain Asia. His work has also appeared in The Economist, The New York Times, The Sunday Times and The International Herald Tribune.
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