Singapore Govt highlights #dltledgers’ Delivery of Electronic Bill of Lading
May 4, 2021

Reading Time:

Singapore Govt’s Senior Minister of State for Transport and Foreign Affairs proudly announces the delivery of Electronic Bill of Lading by #dltledgers. The company provides innovative solutions for organizations that continue to deal with the issue of a disrupted global supply chain that has affected several businesses across the globe. In the Maritime industry, the COVID-19 pandemic has brought about a greater sense of urgency and impulse for embracing robust technology solutions.

In fact, the industry responded to the pandemic by developing several innovative solutions including remote and contactless operations. Apart from this, demand for a digital transaction has also increased with the pandemic making it all the more difficult for engineers to go on-site and inspect the ships keeping in view the health measures.

According to MPA (Ministry of Port and Authority), technology plays a significant role in helping the maritime sector stay resilient during the pandemic and thereafter. To attain this outcome, the need for common data standards should be pushed upon so that systems and networks are encouraged not to end up in data silos or with systems that cannot interact with each other. Apart from this, MPA will also make provision for Sandboxes for the new technology to be tested in a safe environment so that risks and feasibility of new solutions can be assessed.

The Electronic Bill of lading functionality enabled by #dltledgers paves way for better interoperability. The first area that is being taken care of is the Bill of Laden (BIL) that provides proof of ownership of cargo during shipment. Just as supply chain players have depended on physical copies of the bills as a precaution. However, the processing of BLs has been a blockage against a higher level of efficiency in the Maritime sector.

 

While the use of an electronic bill of lading has been discussed for quite some time now yet it is hindered by several implementation challenges. Like their paper counterparts, eBLs require being recognized by the industry, which will ultimately help in gaining widespread adoption. To accelerate its adoption, MPA supported by DCSA (Digital Container Shipping Association) and IMDA will be issuing a proposal to bring leading industry players such as #dltledgers to develop and pilot eBL solutions by making use of disruptive technologies and recent legislative developments.

DCSA – an industry body comprising of the top nine container liners, accounts for about 70% of global trade for containers. In fact, DCSA’s partnership is sure to give a boost to this collective effort towards digital maritime platforms becoming more interoperable. In fact, DCSA will be formally joining MPA and six other MoU signatories of this important project.

About #dltledgers:

#dltledgers is one of the leading providers of cross-border trade and supply chain solutions. The solution offered by #dltledgers brings together the benefit of all the disruptive technologies like Artificial Intelligence, Blockchain, etc. thereby enabling organizations to collaborate securely, quickly, efficiently, and transparently. The solution offered by #dltledgers is leveraged by more than 4000 businesses that are in the financing, and cross-border trades. This easy to adopt platform delivers quick results, reduces transaction time, frees up capital, and automates manual processes.