2024.3.8
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The Bill of Lading (B/L) is essential in trade and international logistics.
While most transactions are still done on paper, there is a noticeable movement towards digitization, particularly in Europe.
In this column, we will explain in an easy-to-understand manner the benefits of digitizing bills of lading (B/L) and why it has not yet been realized.
In this second installment, we will explain the definition, role, and expected benefits of the electronic bill of lading (eB/L), which is an electronic version of the bill of lading.
■What is an electronic bill of lading (eB/L)?
An Electronic Bill of Lading (eB/L) is essentially a digital version of a traditional paper Bill of Lading (B/L).
An electronic bill of lading (eB/L) serves the same legal and functional purposes as a paper bill of lading, acting as a receipt for the cargo, evidence of the contract of carriage, and proof of ownership of the cargo.
Digitization is expected to enable more streamlined, efficient, and secure transactions than paper, and to facilitate the instantaneous transmission of documents and information between trading parties.
Why is the eB/L important?
Compared to the traditional paper bill of lading, the electronic bill of lading (eB/L) is expected to revolutionize the shipping and logistics industry by offering the following advantages:
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