(20 February 2023 – Global) Digital Container Shipping Association (DCSA) has announced that nine ocean carrier members have committed to 100 percent adoption of an electronic bill of lading (eBL) based on DCSA standards by 2030.
The switch is estimated to save around US$6.5 billion in direct costs for stakeholders, which could enable US$30-40 billion in global trade growth per year.
Digital processes offer a faster, more cost-effective, and environmentally sustainable solution for stakeholders along complex supply chains compared to manual, paper-based processes which are prone to delays and breakdowns, particularly when cargo cannot be gated out due to missing or slow processing of original bills of lading.
Shipping giant MSC launched its eBL program back in April 2021 after a two-year trial period in India. Its blockchain-backed eBL program has handled hundreds of thousands of EBL and is experiencing exponential growth, according to the company.
“The digitalisation of international trade holds vast potential for the world economy by reducing friction and, as trade brings prosperity and the eBL will further enable trade, helping bring millions out of poverty. Document digitalisation has the power to transform international trade and requires collaboration from all stakeholders,” said DCSA Chief Executive Officer, Thomas Bagge.