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Globally, less than 2% of world trade is carried on electronic bills of lading. This is partly due to lack of open standards and interoperability. To help increase adoption of digital trade documents in shipping, BIMCO has published an electronic bill of lading standard.
What are Electronic Bills of Lading (eBLs)? Why are they better than paper bills?
BIMCO is to develop an electronic bill of lading standard for the dry and liquid bulk sectors as a key component of a global initiative to accelerate trade digitalisation.
The bill of lading is arguably the most important of all the trade documents used in shipping and is the key to unlocking the paper handcuffs that constrain shipping’s digital transformation. BIMCO is collaborating on technology agnostic common data standards through the Future International Trade (FIT) Alliance whose members include the DCSA, FIATA, the ICC and SWIFT.
Global trade still relies heavily on paper. The main risks of relying on paper are exposure to fraud, clerical errors and lengthy transfer and processing time. This is despite the fact that issuance of electronic bills of lading (eBLs) has been possible for more than 20 years on safe and well-established platforms approved by the International Group of P&I Clubs. It is also despite the fact that eBLs are safer, faster, and greener when compared to their paper bills of lading ancestor.
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