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Grant Hunter
Chief Digital Officer & Director of Products
London, United Kingdom
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Complete Guide to Electronic Bill of Lading Adoption for the Bulk Trades
Published: 17 January 2024
You first need to decide which eBL solution provider you want to use. If you are an owner, the process could start with a charterer asking you to use their chosen platform. Or you can simply sign up to use a solution that you think will best meet your business needs.
There are currently eight eBL systems that have been approved by the member clubs of the International Group of P&I Clubs (IG). The endorsement of the IG Clubs means that they have reviewed the terms of use for each of these systems and have stated that issuing electronic bills of lading using these systems will not prejudice P&I cover – essentially that the electronic bill of lading will be treated in exactly the same way as its paper equivalent for P&I purposes.
See the FIT Alliance Complete Guide to Bulk eBL adoption.
You may also wish to add BIMCO’s Electronic Bill of Lading Clause to your charter parties giving charterers permission to use electronic bills of lading if they so choose.
Here are links to the eight “approved” electronic bill of lading systems. There are other eBL solutions available. You should speak to your P&I Club representative if you want to use one of those other solutions.
Bolero
Bolero was one of the first eBL solutions to be approved by IGP&I in 2010 and is a repository-based platform that emphasises interoperability and being platform-agnostic. Being one of the first, Bolero has experience providing secure eBL transactions across multilateral stakeholders and specialises in delivering API integration to clients’ existing software.
Electronic Bills of Lading & Digitised Trade Operations | Bolero
ICE digital, formerly known as EssDocs, is another of the early pioneers for eBLs. EssDocs was first approved by IGP&I in 2010 and has since become known for its automation and digitisation of trade operations and finance. As one of two approved repository-based systems, it also boasts 9,000+ companies across 81 countries using its eBL network.
ICE Digital Trade Solutions | ICE Digital Trade (essdocs.com)
edoxOnline was the first eBL solution provider to use public blockchain technology in commercial trade. Approved by IGP&I in 2019, edoxOnline aims to streamline its processes to produce efficiency while maintaining the high levels of security inherent to a blockchain system, and as of January 2024, it had issued over 216,323 eBLs across 178 commodities.
As part of the second generation of eBL technology, approved by IGP&I in 2019, WAVE uses public blockchain technology to act as a digital mirror to physical processes by creating a decentralised peer-to-peer network – meaning that WAVE is neither commercially nor legally principal to each transaction. WAVE also prides itself on ‘keeping existing workflows intact’ by utilising API, meaning the user does not need to interact with new software.
WaveBL Platform: Electronic Bills of Lading (eBLs) Software App
CargoX is another of the blockchain-based technologies approved by the IGP&I but is noteworthy in that it uses a combination of on-chain and off-chain data to strike a balance between tracking a document’s ownership using blockchain while storing all mandatory user information in secure datacentres off-chain. Approved by IGP&I in 2020, the CargoX platform supports all major BL types.
CargoX - Building digital trust, one document at a time.
TradeGo is a Singaporean-based eBL solution provider specialising in Chinese-focused transactions and uses blockchain technology to enable real-time secure transfers of electronic bills of lading, among other trade documents. Despite being one of the newer eBL platforms, TradeGo is seeing strong adoption in China by providing a secure means to support the digitalisation of trade.
TradeGo is easy to _TradeGo in bulk and easy
Approved by IGP&I in 2022, IQAX uses GSBN’s independent blockchain technology to increase security and efficiency within eBLs. More recently, IQAX was recognised within the Top 100 Digital China innovation Application Development Case and achieved the first synchronised transfer of an eBL and an electronic insurance policy within the same transaction. IQAX is an independent technology company owned by Orient Overseas International – one of the world’s largest international transport and logistics companies.
Secro is a US-based company that enables eBL transactions through the NEM private blockchain and provides an additional layer of security through QR code-based authentication in addition to the secure blockchain-based platform. In March 2023, SECRO also announced the completion of the world’s first end-to-end eBL transaction without using a private rulebook between participants.
