The Global Shipping Business Network (GSBN), ICE Digital Trade, and IQAX have launched their groundbreaking interoperable electronic Bill of Lading (eBL) solution. The first transaction involved OOCL as the carrier on IQAX eBL, issuing the eBL to a major oil and gas company on ICE CargoDocs, who subsequently transferred it to their customer, Deqing Sunny Plastics, for surrender back to OOCL.
This first-of-its-kind solution addresses a significant barrier to the widespread adoption of eBLs in containerized shipping by enabling secure and legally robust exchange across different platforms. The solution delivers on four key components of eBL interoperability:
- Technical: A secure architecture ensures only one original eBL exists, controlled by the lawful holder. eBL handover between ICE CargoDocs and IQAX eBL via GSBN guarantees immutability and security. GSBN acts as a control tracking registry, maintaining a complete audit trail of platform transfers on its blockchain.
- Legal: The OOCL original negotiable eBL was governed by UK Law, which recognizes eBLs with the same rights and obligations as paper BLs under the UK’s Electronic Trade Documents Act 2023.
- Liability: ICE Digital Trade and IQAX have a robust inter-platform liability agreement outlining responsibilities for losses. GSBN securely records all platform transfers on a utility basis.
- IG P&I Approval: The approach has been approved by the International Group of P&I Clubs, ensuring OOCL remains within its P&I Club cover.
The ability to exchange eBLs across platforms securely and legally marks a major milestone for the industry, removing a key obstacle to eBL adoption in the container market. The collaboration between IQAX and ICE Digital Trade, with GSBN providing the critical security layer, demonstrates the industry’s commitment to achieving 100% eBL adoption by 2030, as targeted by container carriers.
Karen Lam, Managing Director (Asia, South East Asia and Bangladesh Group) at OOCL, stated, “Participating in the interoperability of the eBL solution aligns with our commitment to innovation and excellence. This initiative enables us to improve our services to customers while contributing to a more efficient and secure global trade ecosystem.”
Bertrand Chen, CEO of GSBN, commented, “Achieving eBL interoperability is the missing link to achieving widespread eBL adoption. This go-live demonstrates that GSBN’s blockchain-enabled infrastructure can address the legal and liability challenges head-on, ultimately enhancing the customer’s experience by enabling them to realise the vast benefits of eBL while remaining in their preferred solutions. We are proud to collaborate with ICE, IQAX eBL, OOCL on this milestone.”
Marina Comninos, Co-Head of ICE Digital Trade, said, “Interoperability is essential for scalable eBL adoption in liner, and collaboration is key to achieving this goal. The launch of our Interoperable eBL Solution marks just the beginning of the journey: we are excited to continue working with our trusted partners at IQAX eBL and GSBN, as well as other providers across different geographic and industry segments, to bring value-added solutions to the industry.”
Lionel Louie, COO of IQAX, added, “IQAX believes that interoperability is vital for advancing global trade digitalization. Our commitment is showcased through our innovative eBL platform. This first interoperable eBL transaction with ICE Digital Trade, supported by GSBN’s blockchain infrastructure, is a significant step toward creating an interconnected digital trade network. By championing eBL interoperability, we reduce risks and costs while fostering a more inclusive and efficient global trade ecosystem where multiple platforms can collaborate seamlessly.”
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