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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Documentation for a single shipment can require up to 120 copies of paper that are exchanged with 30 odd different stakeholders. Bill of Lading (BL) accounts for between 10 and 30 per cent of total trade documentation costs. The International Chamber of Commerce (ICC) projects that paperless trade could create US$267 billion of additional exports across G7 countries, compared to base forecasts, by 2026. Initiatives by International Federation of Freight Forwarders Associations and Digital Container Shipping Association make way to elimination of paper-based documentation to produce Bill of Lading and ease the process seamlessly. But is it possible to achieve the desired numbers by 2030? https://lnkd.in/daBBBDrj
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DSCI's Vanessa Mbanefo is leading a new initiatve to develop an open-source e-Bill of Lading. If your company leverages Bills of Lading to conduct global trade, learn how to participate in this initiative at https://openebl.org/. #GlobalTrade #eBL #DigitalSupplyChains #DigitalTransformation
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understanding and choosing the appropriate incoterm is crucial in international trade to ensure smooth transactions and avoid misunderstandings. Each term carries different responsibilities, cost and risks, and parties must agree on the most suitable incoterm based on their logistical capabilities and preferences. play a crucial role in defining the responsibilities and risks between buyers and sellers
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What is a Switch Bill of Lading? A Switch Bill of Lading is a crucial document in international trade, issued to replace the original bill of lading. It typically occurs when the seller needs to change the details of the shipment for various reasons, such as when the consignee or the port of discharge has been altered. This document ensures the smooth continuation of the shipping process without revealing sensitive information like the identity of the supplier to the buyer. By facilitating these adjustments, a Switch Bill of Lading helps maintain the confidentiality and flexibility needed in global trade operations.
