SINGAPORE-HEADQUARTERED Pacific International Lines ('PIL') has used an electronic Bill of Lading (e-BL) built on the IBM Blockchain Platform in a successful real-time pilot tracking shipment of mandarin oranges from China for the Lunar New Year celebrations
SINGAPORE-HEADQUARTERED Pacific International Lines ('PIL') has used an electronic Bill of Lading (e-BL) built on the IBM Blockchain Platform in a successful real-time pilot tracking shipment of mandarin oranges from China for the Lunar New Year celebrations. With the use of IBM Blockchain powered e-BL, the trial has produced a significant reduction in the administrative process of transferring the title deed from between five and seven days to just one second.
'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,' the company said.
Combining e-BL with blockchain technology help companies reduce their document processing times to almost zero, with an instantaneous digital transfer of the bill of lading for their cargo. Document handling is automated, and goods delivered more quickly and efficiently.
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