UNECE AND COSCO PURSUE BLOCKCHAIN ELECTRONIC B/L

The International Organization for Standardisation has confi rmed a new project to establish the ‘Blockchain Marine Electronic Bill of Lading (B/L) Data Interaction Process’.

The aims of the project are to standardise the business processes, functional requirements interfaces and data formats relating to the blockchain electronic B/L system, while providing a standard guideline and reference for the flow and verification of marine electronic B/L through the blockchain system. As a result, the outputs will promote the application of blockchain electronic B/L and thereby generate a credible digital foundation supporting international trade.

So far, members of the United Nations Economic Commission for Europe (UNECE) have joined forces with Cosco Shipping to support the process. Indeed, Cosco has confirmed that it will share China’s experience in relation to multi-scenario application with the wider international community, while also promoting the implementation and global application of blockchain electronic B/L standards.

The Chinese company is also offering to contribute its involvement thus far to enhance the wider digitalisation of the global freight industry, while supporting facilitation of cross-border trade.

This latest development follows the February 2020 signing by nine ocean carriers helping to form the Future International Trade (FIT) Alliance and complete a memorandum of understanding (MoU) with DCSA, BIMCO, FIATA, the International Chamber of Commerce (ICC) and SWIFT to collaborate, where possible, on the digital standardisation of international trade.