By eliminating the need for physical paper documents, eBLs prevent document duplicates from being created for fraudulent purposes? Join the Open eBL movement at https://openebl.org/.
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Open eBL’s architecture creates an ecosystem of interoperability, enabling organizations to connect their existing third-party eBL solutions to the Open eBL protocol to gain a common data storage and transmission layer capable of minimizing the time and cost expended on working with siloed data. Learn more at openebl.com. #EBL #BillsofLading #DigitalTransformation
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According to McKinsey & Company, the bill of lading accounts for between 10% - 30% of total trade documentation costs; adopting an e-bill of lading (eBL) could save $6.5 billion in direct costs and enable up to $40 billion in new global trade volume. https://mck.co/3SNLHOr Learn more about #eBLs potential impact ➡️ https://bit.ly/3VmzmVk.
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Technology expert Irving Wladawsky-Berger outlines the limitations of paper-based bills of lading (B/L) in global trade and the potential of e-bills of lading (eBLs) to address them. “Current trade documentation spans many documents and processes and is a manual, time-consuming, and resource-intensive process for all stakeholders. Documentation for a single shipment can require up to 50 sheets of paper that are exchanged with up to 30 different stakeholders. The bill of lading, issued by carriers to acknowledge receipt of cargo from the shipper, is one of the most important trade documents required for shipping.” https://bit.ly/3zc4uOk
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The ICC suggests at least 1% of transactions in the #globaltrade financing market, or around $50 billion per year, are fraudulent. Digitizing #billsoflading is a big step for reducing this fraud. openebl.org #TradeFraud #eBL
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"An e-bill of lading could save $6.5 billion in direct costs and enable $40 billion in global trade," reports McKinsey. DSCI's Open eBL initiative creates open-source standards for digitizing bills of lading. Learn how in DSCI's new whitepaper. https://bit.ly/43T36LL #GlobalTrade #ebl #BillsofLading
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azarc.io CEO Dave Robbins explains why digitizing #billsoflading is a key starting point to modernize trade documents. Get started at openebl.org. #GlobalTrade #ebl #TradeDocumentation
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🚢 As #globaltrade goes digital, paper #billsoflading are outdated. The Open eBL initiative tackles this with a secure, accessible electronic platform that simplifies trade documentation for a more efficient and sustainable future. 🔽 To learn more, download the whitepaper "Revolutionizing Global Trade with Open eBL: A Sustainable Shift to Digital Documentation." https://bit.ly/43T36LL
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Digitizing #billsoflading benefits a wide range of #globaltrade stakeholders: 🚢 Shippers: Save on printing, storage, and document transportation costs. 🚚 Carriers: Experience faster workflows, reduced errors, and potentially new revenue streams. 📦 Freight forwarders: Benefit from smoother communication and streamlined documentation processes. 🏦 Banks and insurers: Gain access to more secure and transparent data for trade finance and insurance purposes. 🍃 The environment: Reduces reliance on paper and contributes to a more sustainable industry. 🛒 Ultimately, consumers: Can benefit from potentially faster and more efficient global trade. openebl.org
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👍 Like this post if you agree! 🤝 Join us to make it happen! openbl.org 🔗
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