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POSCO International is taking the lead in trade digitization by launching an electronic bill of lading which will also be blockchain-based. The bill of lading refers to the document issued by a carrier to acknowledge receipt of cargo shipment.
POSCO said this week that it has already completed its very first transaction where the electronic bill of lading was used. The company said this took place last weekend.
As per The Korea Times, the South Korean steel-making company delivered auto parts to the United States and issued an electronic bill of lading on two dates which are Nov. 3 and Nov. 27. The client received the shipment safely; thus, the transaction was completed without any hassle.
It was pointed out that the bill of lading is seen as the most important document in shipping and export transactions. This is because the importer can only get the goods after payments for them and receiving the BOL from the sender. As for the exporter (sender), it can only receive a BOL issued by a sea carrier when the shipped products are delivered without any defects.
The bills of lading are always issued in paper form and usually sent to importers through international mail. In case they are lost or delayed while in transit, a problem could arise where the importers will not be able to receive the goods on time since the carrier could not release them with no BOL.
But since POSCO is implementing the use of blockchain-based electronic BOL, things will be less complicated. The transmission of the document will also be instant, so receiving the deliveries would be faster too.
"The electronic bill of lading is a result of close collaboration with POSCO Flow, Maersk and the Korea Trade Information and Korea Trade Network (KTNET)," a company official at POSCO International stated. "We will take the lead in advancing digital trade by expanding our platform business."
Finally, Korea Post reported that once the bill of lading is digitalized and becomes the normal method, transactions will be less risky, the work efficiency of traders will be enhanced, and real-time confirmation of logistics cost and ship location will be possible.
